The Importance of New Products
Businesses are always in a rush to introduce new products to the market. In reality, new product development could be critical to the firm's long term survival for several reasons. Since all products have life cycles, so eventually they enter a decline phase with respect to sales and profitability. At some point, these products must be removed from the market and new products must exist to take their place in favor of company's existing levels of sales and profits. Another reason why new products are important is that they can provide a competitive advantage in the market. When a company continuously try to improve existing products and develop new products stay a step ahead of their competitors. This advantage can translate into greater sales and higher profits. New products can also enhance the company's image. Most consumers are attracted to new things and those companies which continually strive to introduce new products are most likely to be at the forefront of attention by existing and new customers.
Godiva Chocolatier has defined the art of fine chocolate making by selecting the most superb ingredients. The lines of products Godiva is introducing every year has created new standards of business. Godiva's selection of premium chocolates is diverse and attractive. Their classic truffles, baked chocolate goods, chocolate assortments and chocolate of the year assortment all come together on Godiva's impressive website. Products usually go through four different stages which includes, introductory stage, growth stage, maturity stage, and decline stage. Since Godiva Chocolates are known as much as for their appearance as they are for their refined taste. Therefore, Godiva has not experienced a decline in its products due to consistent creativity and innovation and effective business management.
Godiva Chocolate's Life Cycle
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