Reasons for developing new products and services

What is the meaning of market?

• A business that sells similar products or services

• People who want to buy a product

All businesses wants to sell more products and get more customers. What is their goal?

• High market share

• Low market share

What does competition mean?

• A rival business that sells similar products or services

• People who are interested in buying a product or service

Emirates airlines launches FlyDubai with lower prices. What is their reason?

• Innovation - new technology

• Block competition

Huda Beauty started in Dubai and now sells makeup around the world in US and UK. What is her reason?

• Block competition

• Enter new markets

Google are developing a smart self driving car. What is the reason?

• Defend against competition

• Innovation - meet the needs of future customers

Every year Apple develop a new iPhone. What is the reason?

• Meet the needs of loyal customers

• Enter new markets

What is a reason for developing a new product or service?

• Increase profits

• Decrease profits