product-development-strategies

Vocabulary Word

Definition

'Product-development-strategies' are well-thought-out plans for creating and launching a new product. They involve steps such as understanding your customers, deciding on the product details, creating a timeline, and determining the best marketing approach.

Examples in Different Contexts

In competitive differentiation, 'product development strategies' aim to set a company's products apart from competitors. A marketing director might discuss, 'Our product development strategies include focusing on unique design and innovative features that address unmet needs in the marketplace.'

Practice Scenarios

Business

Scenario:

We're planning to introduce a new line of active-wear. It's crucial we understand customer needs and preferences in this market segment.

Response:

In developing our product strategy, we should conduct market surveys for insights into customers' preferences for active-wear.

Marketing

Scenario:

The demand for eco-friendly products is increasing. We must consider this while shaping the new product portfolio.

Response:

I agree. Our product development strategy must cater to the rising demand for eco-friendly products.