It involves identifying potential uses and target markets for the product and developing strategies for promoting, distributing, and selling it effectively. Companies Founder often conduct market research and feasibility studies to assess the viability of a new product application before launching it. This interpretation focuses on the practical uses or functionalities of a new product. For example, if a technology company develops a new software application, the “new product application” would refer to how that software can be used to solve specific problems or meet particular needs. Understanding the potential applications of a new product is essential for marketing it to relevant audiences and achieving successful adoption.