New-product development

Developing new products, modifying existing ones, and eliminating those that no longer make a positive contribution to the company’s marketing performance, are key activities for marketing management. In Levitt’s original terms1 every major industry was once a growth industry, based on a new technology embodied in new product or service. Eventually major industries also became decline industries because of a failure to introduce new products or services to replace those on which their original success was based.