MANAGEMENT

Detailed explanation-1: -Trading Up: A company adds a higher-cost product to an existing line to improve brand image and increase demand for its lower-cost products. Trading Down: A company adds a lower-cost product to an existing line of higher-cost products.

Detailed explanation-2: -Expanding your product range is key in accelerating your online growth. It’s also an easy way of maximizing the potential of your existing audience and capturing the attention of new customers. The benefits of expanding your product range are vast and you can massively expand total market demand.

Detailed explanation-3: -Also known as prestige pricing and luxury pricing, a premium pricing strategy is when companies price their products high to present the image that their products are high-value, luxury, or premium. Prestige pricing focuses on the perceived value of a product rather than the actual value or production cost.