Generating New Products
Student Tip 
Societies reward those who supply new products that reflect their needs.
Because products die; because products must be weeded out and replaced; because firms generate most of their revenue and profit from new products—product selection, definition, and design take place on a continuing basis. Consider recent product changes: DVDs to video streaming, coffee shops to Starbucks lifestyle coffee, traveling circuses to Cirque du Soleil, landlines to cell phones, cell phone to smart phones, and an Internet of digital information to an Internet of “things” that connects you and your smart phone to your home, car, ...
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