MANAGEMENT

Detailed explanation-1: -Trading up involves adding a higher priced product or product line to the company’s product mix. A business adding product items or product lines to its product mix is using the expansion strategy.

Detailed explanation-2: -A salon recently added nail services to its product mix. This strategy is called. expansion.

Detailed explanation-3: -According to Product expansion definition, it is a strategy that companies execute and adopt when they want to grow their businesses. In this, a company attempts to reach out to different markets after capturing the market’s interest they are targeting.

Detailed explanation-4: -Expansion of product mix-Expansion of product mix is when a business increases its number of product lines. These new lines are often related to the company’s current product range but are unrelated to the present products.

Detailed explanation-5: -For example, a company may add a new type of mouthwash to its existing line of products. Companies can also add services, such as warranties or insurance on products, to expand into a larger market. A product variation is when the change is obvious to the end-user.