Product development: Dyson’s products are well-known for their innovativeness, luxury, effectiveness, and reliability. The company continues to produce innovate new products such as the supersonic hairdryer, which has revolutionized hair care across the world. Despite sounding easy, the process of developing a new product can be challenging. It involves allocating factors such as the risk, resources, and time.
A firm can use the challenges experienced in developing a new product as a key marketing strategy. It shows its customers how the product is superior to its competitors. It also shows how they are committed to coming up with the best product to meet their needs.
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