A fundamentally new product is a term used in product management to describe a product that is entirely new and unique in the market. It is a product that has not been seen before, and it offers a new solution to a problem or a new way of doing things. This type of product often requires a significant amount of research and development, as well as a high level of innovation and creativity.
There are several key characteristics that set fundamentally new products apart from other types of products. These include:
Throughout history, there have been numerous examples of fundamentally new products that have revolutionized industries and changed the way people live and work. Some examples include:
While fundamentally new products have the potential to revolutionize industries and create new markets, they also come with a unique set of challenges. Some of these challenges include:
In conclusion, a fundamentally new product is an innovative and unique product that offers a new solution to a problem or a new way of doing things. These products have the potential to revolutionize industries and create new markets, but they also come with a unique set of challenges and risks. Product managers and companies that are successful in developing and launching fundamentally new products can reap significant rewards, including market leadership and long-term competitive advantages.