New Products

The first and most fundamental issue that we must clarify is the meaning of “new product”.

Management consultants Booz, Allen and Hamilton (BAH) (1982) argue that a new product can be considered along two dimensions – newness to the market and newness to the company.

Based on these two dimensions, six categories of ‘new products’ can be determined (see Figure 7.1):

Figure 7.1: Categories of New Products
Source: Cooper (2000)