New Product Development
There are millions of products on the market today. Stores have expanded greatly with items that were unheard of even a few decades ago. It takes a large number of brilliantly inventive people to keep creating new items. Sometimes, consumers have the impression an item is completely new. They may believe the widget they are buying has never been seen before. Recreating items has long been a way for companies to gain market share. They take an older item and improve it for modern customers. While not a completely new concept, the widget works better than its predecessor. The consumer gets a better widget whether it is completely new or a remake of an older idea.