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Business Studies IGCSEPDF 107
212 pagesrevision 46931
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Producer
Services
Consumer
Goods
Consumer
Services
Stage
Producer Goods
Tangible products used by
consumers.
Services provided directly to
individuals.
Services provided to help other
businesses.
Goods used by businesses to make
other goods.
● Meets customer needs and wants effectively.
● Can create new desires or trends among consumers.
● Has a strong design and reliable performance.
● Is distinctive and stands out from competitors.
● Is profitable, i.e., price covers production costs.
Description
The process of developing a new product usually follows these stages:
Banking, insurance,
advertising.
Hairdressing, transport,
healthcare.
Clothing, food, furniture.
Machinery, raw materials.
New Product Development (NPD)
Features of a Successful Product