Answer :
Answer: The activity of developing new products is very important for consumers, essential for the company and strategic for the growth of a nation. Thus for the consumer it represents the way in which a given area of the productive sector generates a product satisfactory to the needs or wishes of said consumer. In relation to the company, the usefulness of product development is that it allows you to survive, gives you options to increase profits, allows you to preserve your market share and promote the image of an innovative company.
Mattel will make a new product because previous products have been sold to everyone, and almost every house has a previous toy from Mattel. So Mattel has to make a new product so that buyers want the next series and Mattel's revenue doesn't stop at the first doll production and selling, Barbie and Ken.
Further explanation
Innovation can be said as a new and fresh idea that can add value and have a positive impact on human life. Innovation is usually associated with technology.
Profit is that the quantity of cash received or generated from sales during an amount that has been reduced by cost and prices. Profit is one of the most objectives of corporate. Even corporations that have already earned profits can still seek ways that to extend profits incessantly.
Here area unit some ways to extend profits:
Adding merchandise or Services
One strategy to extend profit is by adding merchandise or services from the business. However, before deciding to feature a product, you ought to initial analysis. decide that product or service is that the most most well-liked or incorporates a ton of demand from your customers. in order that extra merchandise or services can still sell.
Increase commercialism worth To Customers
Another way to extend profits is to extend the sale worth of your business to customers. therefore shoppers or customers feel they get additional worth if they support your store.
Expand trade Sector
The next thanks to increasing profits and financial gain is to expand the trade that you simply have down pat. therefore you'll minimize the danger of failure.
Looking for New Target Customers
From your business that's presently attempting to seek out a distinct target shopper. To do this, you'll utilize existing technology. particularly by targeting shoppers through the net and social media.
Selling merchandise or Services in Larger Sizes
Increase profits or profits you'll additionally treat commercialism merchandise or services during a larger purchase size.
Avoid value Competitions
To increase profits, avoid competition or price war. you'll seek for alternative ways like reducing operational prices that area unit less effective.
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Details
Class: High School
Subject: Social Studies
Keywords: Innovation, Product, Profit