Tag: product

New Product Planning Essay

New Product Planning Essay

  1. From the market share and cost points of view, why is the distinction between features and needs so significant in the field of product innovation?

The main reason why any company would choose to engage in product innovation is to increase their market share, the number of people using their products, with a view to gaining additional profits from the new clientele. To do this, it is important that the product addresses specific needs of the consumer that it had previously not addressed, that is consumer preferences; or if it is a new product, to address some particular needs that products from other companies which serve the same purpose are not addressing.

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Hyundai Genesis Sedan Product Life Cycle Essay

Hyundai Genesis Sedan Product Life Cycle Essay

The Hyundai Genesis is a recently launched product; that puts it in the introductory stage of the product life cycle (PLC). It immediately gained a foothold in the market and gradually established itself. The price was set very high to gather maximum margins from initial buyers. They used direct distribution through selective distributors and promotion was very high to create brand awareness.

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