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Name and Describe four Categories of new Products. Please use a product as an example in each of the four categories. Draw or indicate the expected life cycle of each.
Please provide a 2 page paper on this assignment. I would like you to explain your answer with details and examples.
ex: Category: Kitchen Appliances. Product: Smart Refrigerator. Description: RFID and AI technology knows when food needs reordering and can place order automatically. The unit will periodically scan UPC bar codes of food or by manual entry of frequently bought items, like milk, bread, fruit. The unit will be connected to the internet via wifi and a supermarket like FoodTown or FreshDirect, and place order on behalf of customer. Test marketing and Product development was complete nearly a decade ago. Currently, the smart refrigerator is in the Introductory stage. Early adopters are taking advantage of this technology. In the next 5 to 10 years, it will exceed early growth stages as adoption becomes more mainstream. Between 10-15 years, approximately 90% of households will have at least one smart kitchen device in their home and thus reach peak maturity level. After 15 years, this technology should decline, at which time, a new concept in household convenience would emerge.
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