The Ansoff Product – Market Matrix – Product Development | CPA Australia GSL

What makes a product new? In this video, we explore Product Development, one of the growth strategies in the Ansoff Matrix, where a business develops new products for their existing market. The video explains the key stages of the product development process, including idea generation, idea screening, prototype development, test marketing, product launch, commercialization, after-sales service, and end-of-life/disposal considerations. 00:00 – Introduction to Product Development 00:31 – 8 Steps of the Product Development Process 01:04 – Examples of New Product Development 01:35 – Product Line Expansion & New Product Generation 02:09 – Packaging as a New Product: Kellogg’s Example 02:50 – Seasonal Exclusive: New or Existing Product? 03:56 – Understanding Product-Line Expansion 04:57 – Why Seasonal Products Can Be Existing Products 05:32 – Replacing a Discontinued Product: Is It a New Product? 06:38 – When a Replacement Becomes a New Product 07:11 – Why Case Facts Matter in Exams 08:16 – Risk of Product Development vs. Market Penetration Key takeaway: Whether something is classified as a new product or an existing product depends on the specific facts of the case. In particular, you need to carefully examine whether the product line is actually being expanded or whether an existing option is simply being replaced. #CPAStudents #CPAAustralia #ProductDevelopment #AnsoffMatrix #MarketingManagement #BusinessStrategy #MarketingStudents