GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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According to the Federal Trade Commission, a “new product” must:
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be entirely new or changed in an important and noticeable way.
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not have a direct competitor with a similar product for sale.
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not use the term “new” for more than 90 days.
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change the product’s packaging to meet FTC guidelines for the use of the word “new".
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Explanation:
Detailed explanation-1: -Launch: The process by which a new product is introduced into the market for initial sale. Commercialization: The process of taking a new product from development to market.
Detailed explanation-2: -According to Entrepreneur, there are several critical factors to consider when marketing a new product, including the competition, the ideal customer, the unique selling proposition (USP), testing, media campaigns and understanding the life cycle of the product.
Detailed explanation-3: -This is used when an existing product is updated or changed or a brand-new product is introduced that would cause a target consumer to choose the changed or new product over one they had routinely chosen in the past.
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