Product Line Extension or New Product Development?

Question

It contrasts expanding an existing product line with new variants or enhancements versus developing entirely new products to meet customer needs or capture new markets. which is best in the "long run"?

Renee Wu · Accepted Answer

It depends on the market demand and what you want to do.

Evelyn Rose Sinclair · Answer

Product line extensions can be a safer bet in the short-term since you're leveraging existing brand equity, but entirely new products are key for growth and diversifying risk in the long-run. I'd say a balanced approach of enhancing core offerings while also carving out resources for blue-sky innovation is ideal. Just my 2 cents though, curious what others think!

Jonathan Edward Brooks · Answer

Long-term, new product development is essential for capturing emerging markets and customer needs. But practically, a balanced mix is ideal - extend existing lines for incremental growth while simultaneously investing in developing totally new products to stay ahead of the curve and open up fresh opportunities. Just gotta keep one eye on the horizon while tending to your bread and butter, ya know?

Answer

Product line extension leverages existing brand equity, while new product development drives innovation and market expansion.

Product Line Extension or New Product Development?

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