The new product has to be developed by the companies with great care. It is necessary to understand the need of the consumers, competitive threats, availability of post-sales services and cost of marketing of the product. However, in the contemporary era of competition a new product development is essential for the companies to make continuous efforts to develop a new [...]
In this article we will discuss about:- 1. Meaning of Product Diversification 2. Objectives of Product Diversification 3. Forms 4. Factors Motivating It . Meaning of Product Diversification: The term 'product diversification' is sometimes called 'product differentiation'. Product diversification is a part of product line decisions'. The word diversification means that something new will be added. It may refer to [...]
After reading this article you will learn about the equation for production function. Production function is concerned with the creation of a product. It establishes the relationship between the quantity of output furnished or given out by a productive process and the quantities of different inputs used in that process. Algebraically a production function can be written as: y = [...]