A Market-Oriented Approach to Defining Innovation Judges the Newness of a Product

question 2

True/False

A market-oriented approach to defining innovation judges the newness of a product in terms of how quickly a new product can recoup its development costs.

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Definitions:

Family Brand

A marketing strategy in which a range of products is marketed under a single brand name, aiming to capture consumer trust and loyalty.

Private-label Brand

Products manufactured by one company but sold under another company's brand, typically a retailer’s brand.

Individual Brand

refers to a branding strategy where each product in a portfolio is given its own unique brand name and identity, distinguishing it from others within the same company.

Brand Extension

A marketing strategy where a company uses an existing brand name to launch a product in a different category.