A product evolution is a cycle where the products evolves in terms of features, functionalities, quality, offerings, technology etc. over time to better serve its purpose and customer needs. 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 is a never changing concept. Every product we know has evolved over time reimagined and updated multiple number of times. A need from going from one place to another has evolved number of products starting from bicycle to electric cars. Product evolution is important not only to customers but also to businesses and economy over the world.
A product improves upon itself every few months and becomes better. And once in a while a totally new product comes which revolutionize the entire industry with a new approach to solve an existing problem. If a product is good and improves, customers are willing to buy them creating a new category. iPads created a new category in late 2000s and then a new category of tablet PCs came up.
Product evolution usually happens through two types
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. Various iPhones over the years have retained many of the previous features but added more features and functionalities as per market needs and advancements in technology
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. Modern Robotic vacuum cleaners are another example of reimagining a cleaning product from scratch.
Hence, this concludes the definition of Product Evolution along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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