New product research and and new product launches indicate the vitality of the industry. It is important to understand the types of products produced in the industry and it can tell you a great deal about direction of the industry, its growth or lack of growth patterns, and its impact on the individual companies within the industry.
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.