Ch. 11- Developing and Managing Products

Successful companies are always thinking in how to gain more market and how to beat the competition with more sales. As we saw in past chapters there is several ways to attract new customers and to keep loyal regular ones, strategies include, promotion, discounts, free shipping while buying online. Also with the creation of new social media websites such as Facebook and Twiter, big companies have found the way to collect information from their customer, having a closer relationships. This social media websites have helped to the big firms to improve customer service, all this through the collection of feedback from customers. Now we are going to see another strategy that many firms apply to attract new customers. It's the development of a new product, perhaps it's the most expensive strategy for most companies, because they have to do a lot of research in order it come out with new product, It's new products can cost lots of money.
we see here how Banana republic is announcing its new arrivals, it does this every season, all this with purpose to attract their young buyers.