Business Development by Product Innovation in The New Normal Era

Abstract

During the new normal era, purchasing power tends to decrease and has not returned to the time before the Covid-19 pandemic emerged. Consumer behavior also changes and this causes changes in the business world. Uncertainty during this crisis made consumers need to be more careful in taking action during the new normal period like today. Consumers are more selective in shopping and prefer to save their funds due to fears of tightening liquidity in financial markets. When the new normal phase takes place, competition between business actors is certainly getting tighter with unstable economic market conditions. Purchasing power has not returned to normal, the value of assets automatically decreases. In these conditions, hard work alone is not enough. All are required to innovate as a way out to return to normal. Because without innovation, it will be difficult to make products that are able to create markets, and make breakthroughs that can provide business benefits. In innovation, the ability to use existing data is needed to turn the current transition period into business profits. Innovation can be in the form of creating quality products at low costs, or creating simple but effective marketing or sales strategies. Innovation is not only limited to business strategy, but also the physical form of the product itself. Therefore, the MSMEs in Bandung are required to to carry out business development by Product Innovation in order to increase their sellers. So that the business can survive and thrive. In an effort to help the MSMEs in the city of Bandung to develop business in order to increase sales of their products. In order to do so, teams of lecturer of Widyatama University provided assistance by explaining and providing examples of business development by Product Innovation. This activity will encourage MSMEs in the City of Bandung to make product innovations produced by their business.