\u2013The development of new brands, original products, product improvements or modifications, through the efforts of the firm\u2019s R&D.
\u2022All products have a finite life span and this is influenced
by the type of product, its innovativeness, the
management of the product through its life cycle, as well
as the markets in which it is sold.
\u2022All products will eventually decline and need to be
replaced by new ones and companies need to be adept at
adapting marketing strategies to respond to the dynamics
of the environment, so as to manage the product through
its life cycle effectively.
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