Final answer:
Option (B), New products can be classified by technological innovation, customer demographics, and geographical location. Market demand is not a classification but an assessment of product interest.
Step-by-step explanation:
New products can be classified in various ways depending on different factors and market dynamics. The classification of new products might consider aspects like technological innovation, which involves looking at how advanced or novel the technology used in the product is. The customer demographics is another scheme used to categorize products based on the age, gender, income level, or other characteristics of the target market.
Lastly, geographical location points to where the products are sold or intended to be sold, which can range from local, national, or international markets. However, market demand is not a classification of products, but rather an assessment of the interest for a product in a particular market.
Factors like technology and globalization have significantly redefined markets. With improvements in communication technology, including the development of the internet, the competition for local businesses has increased as consumers can make purchases from anywhere in the world. Furthermore, the emergence of business-to-business websites allows international suppliers and buyers to connect easily, amplifying both opportunities and competition.