Table of Contents
What is the difference between a line extension and a product modification?
A line extension is the development of a product closely related to one or more products in the existing line but designed specifically to meet different customer needs. Product modification is the changing of one or more characteristics of a product.
What is product modification?
any substantial change made to the attributes (size, shape, colour, style, price, etc.) of a product; modification of a product is usually undertaken in an attempt to revitalise it in order to increase demand.
What are the three types of product modification?
Managing Existing Products Line Extensions. Product Modifications. Quality Modifications. Functional Modifications. Aesthetic Modifications.
What step in developing new products involves determining whether the product idea is compatible with company objectives needs and resources on a general level quizlet?
What step in developing new products involves determining whether the product idea is compatible with company objectives, needs, and resources on a general level? product development. The major drawback in using aesthetic modifications is that their value is determined subjectively.
What are the three important and contrasting product modification strategies?
There are three major ways of product modification, i.e. quality modifications, functional modifications, and style modifications.
Why are line extensions more common than new?
The development of a product closely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs. Line extensions are more common than new products because they are a less expensive, lower-risk alternative for increasing sales.
What is an extended product?
Product extension is the strategy of placing an established product’s brand name on a new product that is in the same category. Small companies can deploy the practice in the same way that large firms have, in order to increase sales of a popular product by offering variations.
What is product line extension example?
A product line extension is when an existing brand launches new products in a product category they already offer products within. For example, when a soft drink company offers a new flavor of soda. Sometimes a line extension is called a product extension. Both terms mean the same thing.
What is an example of a product modification?
The ad to the left demonstrates a clear example of product modification by showing how the cell phone screen has been modified to show the screen horizontally. The cute ad demonstrates why this makes sense because many other things in everyday life are horizontally oriented, not vertically.
What are the need of product modification?
These terms imply the renovation of an existing product. The purpose of product modification is to reposition the product into a revitalized product life cycle. Rejuvenation strategies may be used to recover market share and profits by recapturing, redesigning, refocusing and recasting.
Which are the modes of product line modification?
Product-Line Modification Strategy Functional changes. Quality changes. Style changes. Environmental impact changes.
What is a product line in marketing?
A product line is a group of related products all marketed under a single brand name that is sold by the same company. Companies often expand their offerings by adding to existing product lines because consumers are more likely to purchase products from brands with which they are already familiar.
Which of the following is the phase in the new product development process?
Five phases guide the new product development process for small businesses: idea generation, screening, concept development, product development and, finally, commercialization.
What are the seven stages of new product development in order from start to finish quizlet?
Terms in this set (7) Idea Generation. -Researchers identifying customer needs. Screening. Separate ideas from those without merit. Concept Development and Testing. Measurement of customer attitudes and perceptions relative to product. Rough Marketing Strategy. -Target Market. Development. Test Marketing. Commercialization.
Which of the following is a step in the new product development process?
The seven stages of the New Product Development process include — idea generation, idea screening, concept development, and testing, building a market strategy, product development, market testing, and market commercialization.
What is differentiation product?
Product differentiation is what makes your product or service stand out to your target audience. It’s how you distinguish what you sell from what your competitors do, and it increases brand loyalty, sales, and growth. Focusing on your customers is a good start to successful product differentiation. What do they want?.
What is product adaptation?
Product adaptation is the process of changing a product to meet the needs of customers in a market other than the one in which it is made. This can be an important part of a company’s strategy for selling in a foreign country.
What is the product mix?
Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. For example, your company may sell multiple lines of products. The four dimensions to a company’s product mix include width, length, depth and consistency.
What is the difference between brand extension and line extension quizlet?
What is the difference between a line extension and a brand extension? A line extension uses a current brand name to enter a new market segment in its product class, whereas a brand extension uses a current brand name to enter a completely different product class.
What is quality modification?
any change made to the quality of a product.
What is a functional modification?
A change that affects a products versatility, effectiveness, convenience or safety usually requiring the redesigning of one or more parts of the product.
How important is extended product features?
Extended warranties or service contracts provide repairs or preventive maintenance for a specified length of time beyond a product’s normal warranty period. They are beneficial to both businesses and customers. Manufacturers must make products that meet all legal requirements.
What is a product extension strategy?
An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline. Extension strategies include rebranding, price discounting and seeking new markets.
What is a line extension in marketing?
What is a brand line extension? A company introduces a brand line extension by using an established product’s brand name to launch a new, slightly different item in the same product category. For example, Diet Coke™ is a line extension of the parent brand Coke™.
How is product line extended?
Line extensions occur when a company introduces additional items in the same product category under the same brand name such as new flavors, forms, colors, added ingredients, package sizes. This is as opposed to brand extension which is a new product in a totally different product category.
What is product line extension give at least one 1 example?
Making a light version, creating a mint flavor, offering a snack version, and creating a special Halloween orange and black cookie, are types of product line extensions. A product line extension is when a company creates a new product in the same product line of an existing brand.
