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 concepts and input output model of production system. Concept of Production System: The production system is a part of a larger system - the business firm. The production system can be viewed as a framework or skeleton of activities within which the creation of value can occur. Briefly, the difference between [...]