BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is a reason that a business would make changes to its products?
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To keep up with changing consumer preferences
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To make room for other products
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To spread risk over a wider area
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To predict the success of the changed product
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Explanation:
Detailed explanation-1: -by changing the selling price of products or bringing out budget products to match the state of the economy-eg during a recession, customers will spend less money and businesses may need to reduce their prices or develop a budget range to encourage customers to continue to purchase.
Detailed explanation-2: -Businesses can respond to these changes by reviewing what they offer, and exploring whether they can or should make changes to catch up with consumer preferences. It may also be a good idea for some businesses to choose to promote the most affordable version of their products.
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