Product Evolution

Posted in Marketing and Strategy Terms, Total Reads: 704
Advertisements

Definition: Product Evolution

A product evolution is a cycle where the products evolves in terms of quality, offerings, technology etc over time to better serve its purpose. This may be due to several reason and the new technology developments are prime reason for this.

The product evolution can be seen in every product be it a mobile phone which are becoming smart and evolving every year or be it a television set which evolved from a black and white models to colored to plasma then LCD and now LED and is still evolving.


Product evolution usually happens through two types

• Developing on an Existing Design:- This method is usually followed by many companies as continuously monitoring an updating the present models with the required changes. This method reduces the cost of research and development as it uses the work and past developments. For Example:- A smartphone is usually an improvement on its previous models and it improves the technology used in the previous models.


• Developing from a scratch:- This is done when there is a new product to be developed or the technology has drastically changed or the needs from the product have changed. In this method the product development is done from a scratch. The new product may be entirely different from the earlier version. Usually major innovations fall into this category. For example :- The evolution of a broomstick has been the vacuum cleaner which had to be built from a scratch.

Hence, this concludes the definition of Product Evolution along with its overview.

Advertisements

Browse the definition and meaning of more terms similar to Product Evolution. The Management Dictionary covers over 7000 business concepts from 6 categories.

Search & Explore : Management Dictionary



Share this Page on: