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<p>For any country, the development and internal production of new products that generate advantages over others, will bring a series of great benefits for it.</p>
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<ol>
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<li>In the first place, the development of new products <strong>increases the level of scientific and technological preparation in the population</strong> that is applied to the generation of new products. Likewise, <strong>internal employment is increased</strong> , since research and the production of innovative goods are promoted that allow the company to remain competent in the market. </li>
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<li>In the same way, <strong>the trade balance is improved</strong> , since imports of those products that are competitively produced in the country are reduced. On the other hand, the development of new products <strong>reduces the country's dependence on imported products</strong> . The country will begin to find itself capable of satisfying the needs of its population with what companies create. </li>
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<li>In addition, it is worth mentioning that the development of new products <strong>promotes the country's image at home and abroad</strong> , since it increases esteem and self-esteem as a capable and progressive nation. Also, many countries will begin to see it as a more developed and autonomous country. </li>
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<li>Finally, as a result of the above aspects, with the development of new products, <strong>a country increases the standard of living and well-being of its inhabitants.</strong></li>
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</ol>
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<p><strong>Types of new product development</strong></p>
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<p>New products or services can be classified in this way:</p>
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<ol>
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<li><strong> Totally innovative products that create new markets</strong></li>
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</ol>
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<p>They refer to the development of new products that generate a before and after from their creation. Being totally new, they do not usually have direct competition at the time of their launch. </p>
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<ol start="2">
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<li><strong> New lines of products and services going to new markets</strong></li>
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</ol>
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<p>It is the development of products implanted in new markets with the aim of obtaining growth, or in any case, reducing risks and possible losses. </p>
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<ol start="3">
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<li><strong> Extension of product and service lines</strong></li>
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</ol>
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<p>Generally, the objective of developing new products of this type is to strategically captivate customers from the competition, or to increase the demand for that particular product. </p>
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<ol start="4">
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<li><strong> Improvement of substitute products and services of the existing ones</strong></li>
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</ol>
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<p>The development of new products is carried out based on already existing products, to which they seek to give added value that allows them to stand out from the competition, thus generating greater customer loyalty.</p>
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<ol start="5">
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<li><strong> Repositioning</strong></li>
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</ol>
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<p>The development of new products when new features that meet new needs are installed in the minds of customers.</p>
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<p> Getting ready to start your product concept development? Our <a href="https://lanpdt.com/">new product development</a> company of experts is here to assist your process.</p> |
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