New release development is an example of the most vital elements of product policy and product management.

Products and products are value and are positioned efficiently.

For a raised level of expansion, a firm has to look beyond its existing products. A progressive firm has to think about fresh product development as a cardinal part of its product policy. In a period of technological advancements, change is a natural result -- change in food habits, change in expectancies and needs.

Any business must be vigilant to these changes happening in its environment. A business firm has to retort to these dynamic wants of its customers and these replies take the form of new releases and new services. Thru such a reply, the firm reaps a fair deal of benefits. Fresh products become required from the profit angle too. Products that are established frequently have their constraints in augmenting the profit level of the firm. Profits from products decline as they reach the maturity stage of their life cycle. So , it's necessary for business firms to bring in new releases to replace old, declining and losing products. New releases become part and parcel of the expansion wants of the firm and in several cases, new profits come to the firm only thru new releases.

The 1st group involves inventions leading to inherently fresh products with a new functional use behind them.

The second group involves mere promoting orientated inventions in existing products ; it gives rise to new versions of the current products.