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A product is a good or a service that is sold to customers or other businesses. Customers buy a product to meet a need.

Information gathered from market research is used by businesses to help them identify need.

A business will then aim to develop a new product that will meet the identified need effectively.

Development of a new product involves a number of different stages:

• Idea generation– Research and Development departments try to innovative and design products that are new or better than existing ones.
• Development– Businesses aim to have an innovation in their new product that they can point to as a USP. A good example of a product developed with a highly marketable USP was the first bagless vacuum cleaner.
• Prototypes and testing– Prototypes are made and then undergo tests to ensure the product is safe, reliable, fit for purpose and one that customers can and will use.
• Modifications– After seeing the prototype or early versions in use, alterations can be made to improve the product.
• Patents and copyrights– Some products are registered for patents to protect the design from imitation by competitors.
• Launch to market– Finally the product is put into production and a marketing and advertising campaign is launched to introduce and sell the product to customers.