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GCSE Business · key term
Creating a new good or service for sale, from developing an idea through designing and testing it to launching it.
Used by AQA
Paper 2
Revise: Product Development and DifferentiationNew product development means creating a new good or service for sale. Businesses may develop products to meet changing customer preferences, reach new customers or stay ahead of competitors. However, being new does not automatically make a product desirable.
When judging new product development, weigh likely demand and competitive advantage against development costs, the risk of failure and the business’s available finance.
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