Text version for the 'Importance diagram'

Companies undertake product development for the following reasons:

To replace existing products which are close to the end of their life cycle – perhaps because consumer tastes have changed
To raise or enhance consumer awareness of the brand – a new product can capture people’s attention
To increase market share – by creating a product that fills a gap in the market or that people want to buy because it is different and new
To increase turnover and profit – by providing a new product that people will want to buy
To extend the life of existing products – by making them better or different
To take advantage of new processes and raw materials – new technology can allow the creation of products that are different or better than anything on the market