BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When a timed product development process is complete
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When it has strong demand for a product or service
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When it sees the opportunity or need to improve the market demand for its product or service
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Detailed explanation-1: -Specific factors that can trigger the decision to reposition a product, service, or brand include the following: Competition: New competitors entering or leaving the market; competitors joining forces; a competitor’s innovation that threatens to make your offering obsolete; competitive pricing strategies.
Detailed explanation-2: -Competition is one of the most common reasons for repositioning. As your competitors continue to introduce new products, they may start to offer items similar to yours for lower prices. To combat this, you could reposition your product by altering the quality, changing the prices or rehauling your marketing strategy.
Detailed explanation-3: -Repositioning through product attributes allows a business to maintain its current operations, brand, and sales while promoting a value that tests well with the audience.