Product Development Towards Brand Creation Through Innovation

Abstract

Product development is the company's responsibility to market throughout the product lifecycle. To make the company's products grow throughout the product lifecycle. Do not let the product reach a low point because it will be difficult for the management to solve the situation, and it will require high costs. If the company lacks liquidity, it will result in inflexible decision-making in marketing operations. Product development must be done along with branding to create awareness, brand awareness, and customer behavior awareness. Analyzing customers through the purchasing decision process will make consumers stay with the company for a long time and build brand loyalty. There are 4 processes in product development: 1. Old products-old market (Market Penetration) 2. Old products-new market (Market Development) 3. New product-old market (Product Development) 4. New Products-new Market (Diversification). In addition, it is important for companies to be innovative alongside branding by coming up with new innovations for consumers to see. Brand development from research and development can create credibility for the company's products. Innovative product development requires planning by identifying the product's strengths that will introduce a new product to the market, which are:  1. Valuable
2. Rare 3. Inimitable 4. Organizational. Therefore, it can be concluded that product development must have a branding process while continuously doing marketing activities. Moreover, the brand will be strong when there is innovation, research and development, which will lead the company's products to remain in the market and grow in further.