ENTREPRENEURSHIP

Detailed explanation-1: -Marketing dictionary any substantial change made to the attributes (size, shape, colour, style, price, etc.) of a product; modification of a product is usually undertaken in an attempt to revitalise it in order to increase demand.

Detailed explanation-2: -The purpose of product modification is to reposition the product into a revitalized product life cycle. Rejuvenation strategies may be used to recover market share and profits by recapturing, redesigning, refocusing and recasting. Rejuvenation goes beyond being a defensive strategy to repair a sick, or weak product.

Detailed explanation-3: -The four Ps are a “marketing mix” comprised of four key elements-product, price, place, and promotion-used when marketing a product or service.

Detailed explanation-4: -Product development strategy involves the substantial modification of existing products or the creation of new but related products that can be marketed to current customers through established channels. It helps in the process of expansion of the existing business.