Why Are Businesses Interested in the Development of New Products

question 207

Short Answer

Why are businesses interested in the development of new products?
The federal government encourages every product manufacturer to spend 1% of revenue on new product development.
New products are necessary to stay in business.
New products keep the warranty and service departments busy.
New products provide the fun that marketing managers need.
Product development provides an opportunity for large tax write-offs.

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Definitions:

Communication Model

A theoretical framework that describes the processes and elements involved in the effective exchange of information between a sender and a receiver.

Nutrition Counselor

A specialist who provides personalized guidance on eating habits and nutritional intake to improve an individual’s health status and achieve specific wellness goals.

Self-disclosing Response

A type of communication where an individual reveals personal, often intimate, information about themselves to another.

Dietary Modification

The process of changing one's diet to improve health, manage diseases, or maintain a healthy body weight.