What are the types of product development projects? What are the benefits and drawbacks of each type? What is the best type of project for your company?Product development projects come in all shapes and sizes. Here are some common types of product development projects:1. New product development: Developing a new product from scratch. This type of project is usually high risk and high reward. The benefits are that you can create a completely new product that can revolutionize your industry. The drawbacks are that it is very expensive and time-consuming, and there is a high risk of failure.2. Product improvement: Improving an existing product. This type of project is usually less risky and less expensive than developing a new product. The benefits are that you can improve an existing product and make it more competitive. The drawbacks are that it can be difficult to improve an existing product, and you may not be able to achieve the same level of success as you would with a new product.3. Product extension: Developing a new version of an existing product. This type of project is usually less risky and less expensive than developing a new product. The benefits are that you can extend the life of an existing product and make it more competitive. The drawbacks are that it can be difficult to develop a new version of an existing product, and you may not be able to achieve the same level of success as you would with a new product.4. Product line extension: Developing a new product that is similar to an existing product. This type of project is usually less risky and less expensive than developing a new product. The benefits are that you can leverage the existing product's brand equity and customer base. The drawbacks are that it can be difficult to develop a new product that is similar to an existing product, and you may not be able to achieve the same level of success as you would with a new product.5. Product revitalization: Revitalizing an existing product. This type of project is usually less risky and less expensive than developing a new product. The benefits are that you can breathe new life into an existing product and make it more competitive. The drawbacks are that it can be difficult to revitalize an existing product, and you may not be able to achieve the same level of success as you would with a new product.
