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Developing New Products, Expanding into New Markets

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The TAPPI Community social networking site contains a blog this week titled New Products and New Markets: A Process for Successful Innovation. This Pöyry Point of View blog examines why and how companies can have a process in place to expand their markets and extend their product lines to continually develop growth and to keep up with every changing customer needs. Developing new products and markets is a critical component of a successful business strategy, the blog insists, as companies respond to changes in consumer habits. 

The blog points out that there are several options for expanding a company’s reach and developing new products, with various levels of risk and rewards associated with them. Generally, the options consist of some combination of the following:

  • Product extensions
  • Market expansions
  • Product and/or Market Diversification.
The options that carry less risk generally are more familiar to the company and have higher success rates, but they often come with lower rewards, as it can be easier for competitors to follow. Almost all companies have introduced product extensions, and many have expanded into adjacent markets. However, fewer have offered truly diversified products or markets.

To read this and other blogs on TAPPI Community, and to join in on conversation about developing new products and entering new markets, visit TAPPI Community  and become involved today.

 

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