9609 · 8.1.2
Product development — FAQ
Frequently asked questions for 9609 Product development. Direct answers first, then deeper explanation — then practise with marking.
Are R&D and Market Research the same thing in product development?
No, they are distinct but complementary functions. R&D is the technical process of inventing and designing the product ('Can we make it?'). Market Research is the commercial process of understanding customer needs and market potential ('Will they buy it?'). Both are essential for successful NPD, and their integration is key.
Does 'new product' always mean a completely original invention?
Not necessarily. While it can refer to radical innovations that create new markets, 'new product' in a business context also includes incremental improvements to existing products (e.g., a new iPhone model), adding new product lines, or introducing an existing product type that is simply new to that particular company.
If a product has a successful launch, is its long-term success guaranteed?
No. A successful launch is only the 'Introduction' stage of the Product Life Cycle. The business must then effectively manage the product through the subsequent Growth and Maturity stages. This involves adapting the marketing mix, fending off competitors, and potentially using extension strategies to prolong its life. A strong launch is a great start, but it does not guarantee long-term profitability without continued strategic management.