New Product Development (NPD): This is the process of developing a completely new product that has never been introduced in the market before.
Product Line Extension: This type of product development involves adding new products to an existing product line. These products are usually related to the original product and offer more options to the consumers.
Product Improvement: This type of product development involves making modifications or improvements to an existing product to enhance its performance, functionality, or features.
Cost Reduction: This type of product development focuses on reducing the cost of production while maintaining the quality of the product.
Repositioning: This type of product development involves changing the target market or the positioning of the product to attract new customers.