This article throws light upon the four alternative ways for growth in sales and profits. The ways are: 1. Market Penetration 2. Market Development 3. Product Development 4. Diversification. Growth in Sales and Profits: Way # 1. Market Penetration: It involves expansion of sales of existing products in existing markets by selling more to present customers or gaining new [...]
This article throws light upon the seven main steps involved in planning and development of a new product. The steps are: 1. New Product Ideas 2. Idea Screening 3. Concept Development and Testing 4. Business Analysis 5. Product Development, Programme 6. Test Marketing 7. Commercialisation. Planning and Development: Step # 1. New Product Ideas: We visualize the detailed features of [...]
This article provides an overview on Product Life Cycle. The product life cycle concept derives from the fact that a product's sales volume and sales revenue follow a typical pattern of five-phase cycle. The life cycle is a fact of existence for every product. It is similar to the human life cycle. The length of the life cycle, the duration [...]