PRODUCT INNOVATION
New product development (NPD) is a vital activity for any business and the rate of NPD depends on the industry. For thousands of companies including Apple, Samsung, Microsoft, Toyota, Intel, Zara, etc, NPD is a permanent full time marketing activity to maintain relevancy in constantly changing markets and to meet consumer demands.
Other companies like McDonalds, Burger King and Nike, periodically introduce new products but are careful not to flood the market with too many choices at the one time so that the focus is on special products. Other companies only need to occasionally introduce new products or services to keep in step with changing markets in their industry. For example, truck suspension systems, irons, food processors and golf clubs, etc, may only require occasional NPD as new technology is developed.
Product life cycles heavily influence the rate of NPD
Some products are standards such as the classic 'Big Mac' and original Coca-Cola which are permanently in the 'mature' phase of the product life cycle. Other products such as a new dress, laptops, and the latest smart phone, have a relatively short life cycle.
New jewellery designs are offered to the market all the time, but only occasionally is a piece considered a genuine product innovation, which is a step further on from developing new products. For example, Apple developed a genuine product innovation with the ipone, but more recent versions of the iphone are new products based on that platform, but not necessarily genuine innovations. Probably the most succesful jewellery innovation in the last decade is the Pandora bracelet and beads range, which has a patented design, and new beads are periodically being introduced as new products, based on that innovation.
Penstar will consider developing both innovative jewellery products and also new products based on those innovations. For example, if a signet ring is developed based on your companies logo, then that is a genuine inovation if it has not been done before. Further signet rings produced, based on that innovation, are new products.
New products and innovations keep brands fresh, and in the case of licensed brand merchandise, your brand can be presented in new and fresh ways through jewellery NPD.
