Get premium membership and access questions with answers, video lessons as well as revision papers.
1. Dynamic business environment with changing technology require new products to be in tune with such changes
2. To meet changing customer needs and wants due to changing customer tastes and preferences
3. Response to changing competitor product ranges
4. Product life cycles may dictate change of product portfolio to replace existing and declining ones
5. To increase sales and profits
6. Cost reduction through offering new products that provide similar performance at a lower cost.
7. Creation of competitive advantage
8. New product strategy as part of overall strategic business plan.
9. Risk reduction by diversification of the product portfolio
Lellah answered the question on November 5, 2021 at 10:55
- Give two ways to achieve new product planning.(Solved)
Give two ways to achieve new product planning.
Date posted: November 5, 2021. Answers (1)
- Explain the term new product development.(Solved)
Explain the term new product development.
Date posted: November 5, 2021. Answers (1)
- Discuss the classification of consumer products.(Solved)
Discuss the classification of consumer products.
Date posted: November 5, 2021. Answers (1)
- Give the two types of user- based products.(Solved)
Give the two types of user- based products.
Date posted: November 5, 2021. Answers (1)
- State the characteristics of service products.(Solved)
State the characteristics of service products.
Date posted: November 5, 2021. Answers (1)
- State the characteristics of non-durable products.(Solved)
State the characteristics of non-durable products.
Date posted: November 5, 2021. Answers (1)
- State the characteristics of durable products.(Solved)
State the characteristics of durable products.
Date posted: November 5, 2021. Answers (1)
- Give ways to overcome problems of demand fluctuation.(Solved)
Give ways to overcome problems of demand fluctuation.
Date posted: November 5, 2021. Answers (1)
- Outline the marketing implications.(Solved)
Outline the marketing implications.
Date posted: November 5, 2021. Answers (1)
- Outline the similarities between goods and services.(Solved)
Outline the similarities between goods and services.
Date posted: November 5, 2021. Answers (1)
- Explain the 4 levels of products.(Solved)
Explain the 4 levels of products.
Date posted: November 5, 2021. Answers (1)
- Define marketing mix strategies.(Solved)
Define marketing mix strategies.
Date posted: November 5, 2021. Answers (1)
- Discuss the benefits of product positioning.(Solved)
Discuss the benefits of product positioning.
Date posted: November 5, 2021. Answers (1)
- Outline major sources of product differentiation.(Solved)
Outline major sources of product differentiation.
Date posted: November 5, 2021. Answers (1)
- Explain the term product de-positioning.(Solved)
Explain the term product de-positioning.
Date posted: November 5, 2021. Answers (1)
- Explain the term re-positioning.(Solved)
Explain the term re-positioning.
Date posted: November 5, 2021. Answers (1)
- Discuss the strategies for product positioning.(Solved)
Discuss the strategies for product positioning.
Date posted: November 5, 2021. Answers (1)
- What does product positioning process involve?(Solved)
What does product positioning process involve?
Date posted: November 5, 2021. Answers (1)
- Outline the steps that a company must follow in order to achieve a particular product or service positioning.(Solved)
Outline the steps that a company must follow in order to achieve a particular product or service positioning.
Date posted: November 5, 2021. Answers (1)
- Explain the term product positioning.(Solved)
Explain the term product positioning.
Date posted: November 5, 2021. Answers (1)