What exactly does new product mean?

What exactly does new product mean?

A new product is a product which may be a completely innovative product being introduced for the first time in the market or maybe a modification over the existing one. Such products maybe new to the company but already existing in the market. Eg. Cavin Kare which launched ‘Ruchi pickles’ in the market . The product was new to the company but not to the market as such. When a product reaches its decline phase in the market, it has to exit from the market . What it can do is to make a comeback with a new concept or with some or the other modifications or added features etc. This is essential for the survival and continuity of the business operations of a firm.