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The company can extend its product line down-market stretch, up-market stretch, or both ways. Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. [1] There are two types of product line extensions, horizontal and vertical.
When a business adds a line extension to the product line and if it is of a higher quality than the current products, it is considered as trading up or an upward stretch. Alternatively, if the new added item is of lower quality compared to other existing products, it is known as trading down or a downward stretch. [ 9 ]
Determines the static and dynamic decomposition that is valid for all products of the product line. Also the collection of common rules guiding the design, realisation of the parts, and how they are combined to form products. Variability model Defines the variability of the product line. Design & implementation assets of reusable components
The Hershey Co. has just increased its wholesale prices by 9.7% across its entire product line. ... The cost of manufacturing paper products has gone up as well, and companies are reducing the ...
Brand extension or brand stretching is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category. The new product is called a spin-off .
To implement a product development strategy well, businesses should: [7] Invest in research and development to create products that address changing customer needs. Gathering customer feedback for designing products and services with their desired features. Collaborate with suppliers and distributors, to ensure a smooth and efficient supply chain.
A growing number of prominent companies have scaled back or set aside the diversity, equity and inclusion initiatives that much of corporate America endorsed following the protests that ...
Product planning (or product discovery) is the ongoing process of identifying and articulating market requirements that define a product's feature set. [1] It serves as the basis for decision-making about price, distribution and promotion.