Product development
- Created by: Maria-Elianna Constantinou
- Created on: 11-06-13 13:20
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- Marketing strategies - product development
- the strategy involves marketing a new product to the businesses existing customers
- The business innovates new product offerintgs to replace supplement existing ones
- Advantages are that the business knows its customers which makes it easier to conduct the market research and promote new products
- however, the business may engage in producing and selling products which it has limited expertise and may be vunderable to the actions of competitors
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