BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Trading up consists of adding the high-price-prestige products in its existing product line. The new product is intended to strengthen the prestige and goodwill of the company. New prestigious product increases popularity of company and improves image in the mind of customers.

Detailed explanation-2: -Trading up: Adding a higher-priced product to a line to attract a higher-income market and improve the sales of existing lower-priced products. Trading down: Adding a lower-priced item to a line of prestige products to encourage purchases from people who cannot afford the higher-priced product, but want the status.

Detailed explanation-3: -Trading up is a type of selling in which the customer is persuaded to buy a more expensive item, or a larger quantity of the same item than originally intended in exchange for an attractive discount or some other incentive. Was this answer helpful?

Detailed explanation-4: -There are three main product line strategies: Product line length, Product line modification, and Product line featuring. Product line length strategy means adding new products to the existing product lines. It includes two strategies: line expansion and line contraction.

Detailed explanation-5: -Product, price, promotion, and place form the four Ps of the marketing mix. These are the key factors that are involved in introducing a product or service to the public.