Explain the strategy for product development, Financial Management

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Product development

A strategy which tends to increase sales by the development of new services or products to the same market for example an entirely new or improved existing product, with more features or modifications being sold.

  • R&D and reverse engineering to build upon existing knowledge about consumers
  • Modifications to products to reflect changing wants, needs or values
  • Innovative change to products with novelty appeal for example new ranges or flavours

 


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