Product lines are the types of products produced by a company. Product strategy - unique products, differentiation, and standardization strategies. Differentiation - companies that develop a range of successful products that can lead to other companies duplicating their successful products. Standardization strategy - develop a product that requires other companies to conform its product strategy and development. Take a look at the number and type of new products recently launched in the industry.
Companies have different ways of conducting research and development in developing new products.
Some will have their own internal research and development division, other will use an independent laboratory, whereas other will license new developments from other companies, and still others will share the costs of new product development by entering into joint ventures. A company that has its own internal research and development division can control and direct the research toward specific goals. However, this requires a certain level of investment and capital to be effective. Some companies do not have these resources and will opt for licensing or joint ventures.