One of the most essential aspects of product management is the product development process. Let's take a look at the importance of innovations regarding a company's success, as well as the phases and stages of the product development process, and the various product management systems. New products and innovations are becoming more important than ever to a company's success and survival. Research has shown that innovation is the key factor that drives companies' growth today. Not all new products are innovations. New products can be divided into different categories, depending on how new the product is to the company and to the market. While a new product can be a novel invention, only those unique products that can deliver a new value to the customer can be considered innovative. But it can be challenging to develop true innovations, as companies are pressured by short-term profitability goals to take on less risky initiatives. In addition to the new-to-the-world products, there are other types of new products. These includes new-to-the-company products. These are products that are sold by a company that typically sells different kinds of products, such as Amazon developing its own reading tablet, the Kindle. Additions to existing product lines. These products help to expand a line of products already on the market. For example, Proctor & Gamble have several different versions of Tide liquid detergent. Existing product improvements or revisions. Current products are improved, such as Sony releasing different iterations of the PlayStation 4 system. Repositioned products. These are products being retargeted for new usage, users or target markets. For example, Old Spice made an effort to rebrand itself for a younger market. And cost reductions. These are new products that provide similar performance for the customer but at a reduced cost.