There are many types of new products including innovative, replacement, imitative and re-launched products.

New products are important to replace old products that have come to the end of their product life cycle. They help a business to obtain new customers.

There are 5 main stages in the development of a new product:

• Generating ideas: Research, brainstorming, analysing other products.
• Analysis: Looking at whether the ideas generated will be suitable.
• Development: Creating product prototypes and initial testing.
• Test marketing: Trial of a product in a controlled market.
• Launch: Final launch of product after all problems have been solved.