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A new product refers to a brand-new item that stands out from anything else being marketed on the market today or a product that consumers “perceive” to be unique. Similarly, customers expect new and improved things, and if the company cannot satisfy their needs and desires, they will quickly alter their loyalties. Moreover, product is a key component of the marketing mix. Importantly, even with incredibly low costs or exceptionally clever marketing strategies, a business will fail if its items are not in demand.
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