How to Build Brands - Essay Example

New product development under the brand name Apple, takes creativity, innovation and technology as the design forces and variables that are accounted for in developing new products. Creativity encompasses ensuring that the product being developed will capture the market’s interest. In this pursuit, the product features that lacks in the already available products should be critically considered. This is tailored towards revolutionizing the market setting in terms of consumer expectations.

Innovation and technological advancement is the product design that stands out relative to what other firms are offering. Innovation treats all aspects of product production, meaning that the factors of production are all effectively combined in a way that outperforms substitute products in the market. In other words, innovation is a critical component of new product development. Technological advancement is similarly an ongoing process. Keeping at par with technological progress makes it essential that new products be integrated into technological pursuits.

When creativity, innovation, and technological progress are combined into the development of a new product (Grant 247), the resultant product is highly likely to take the market at a storm prior to favorable pricing and improved product quality.