A firm can obtain new products in two ways. One is through acquisition—by buying a whole company, a patent, or a license to produce someone else’s product. The other is through the firm’s own new-product development efforts. By new products we mean original products, product improvements, product modifications, and new brands that the firm develops through its own research-and-development (R&D) efforts. In this chapter, we concentrate on new-product development.
Verb vodka is a completely original product/company. We provide consumer products and our own R & D.
Products and services fall into two broad classes based on the types of consumers that use them—consumer products and industrial products. Broadly defined, products also include other marketable entities such as experiences, organizations, persons, places, and ideas.
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