New product in the eyes of the general people is an innovative product, which is developed and introduced in the market for the first time.
Innovative Products:
Innovative Products are those products that are developed and introduced in the market for the first time, not previously sold by the firm.
Imitating Products:
Imitating Products are those products, which may be new to a particular firm but not new to the market because they are already been offered to the market by other firms.
Modified Products:
Modified Products are developed to capture the existing market that seeks change.
