Products are frequently improved by companies. There are various pressures upon a company to do so, particularly from competitors, changing customer needs and technology improvements. However, there are an array of benefits and challenges involved in making the decision whether or not to improve an existing product in the marketplace.Please note that a product improvement […]
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Expanding a firm’s product range through product line extension is a very common strategic decision. Along with product improvements, product line extensions form the majority of new product launches for established firms.Please note that the product line extension is just one of the main classifications of a new product.What is a product line extension?A product
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Almost anything can be marketedWhen you study marketing at university, one of the first things that you learn is that virtually anything can be marketed – therefore, the principles of marketing extend well beyond the scope of physical (goods) products.Historically, the study of marketing tended to focus upon the marketing of goods only. This is
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Understanding Benefits and FeaturesConsumers buy product solutions – that is, the benefits of the product or service – for their need/problem.Consumers are generally more interested in meeting their needs and solving their problems, rather than the details of the product features.For example, what do you think consumers would care about more; whether there is an
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