GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The company will make changes or upgrades to existing products to make it “new” again with customers who bought the 1st verison of the product as in the example of the iPhone
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The company will choose to delete or remove products from their product line when sales fall below a certain level because there is no demand for it.
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The company will develop new products to meet a need that has not yet been met or to compete with another company.
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None of the above
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Detailed explanation-1: -4) Improvements and revisions of existing products: These are the new products that replace existing products by providing improved performance or greater perceived value. For example, Microsoft replaced its MS-DOS by Windows as an improved, user-friendly GUI (Graphical User Interface) based operating system.
Detailed explanation-2: -For example, a sweet, flavored yogurt drink would be a new product, but milk in a new flavor (such as chocolate strawberry) would be an extension of an existing product.
Detailed explanation-3: -Why Product Development is Important. Product development strategies are important to ensure value for your potential customers, as well as ensuring that there is demand and that your final products are of the highest possible quality before your take the products to market.
Detailed explanation-4: -When a firm improves one of their existing products, which they are already market and sell to consumers, in some manner, then this is known as a product improvement. Product improvements can be quite substantial or quite minor. For example, for a food product one of the ingredients may be changed to improve the taste.