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An established business is thinking about introducing a new service and asks current customers for their views of the intended new service. The current customers report that they do not like the new service,primarily because they tend to interpret it from the perspective of the current service. This represent the idea of
Consumer Trends
Patterns or tendencies in consumer behavior that indicate how the choices and preferences of consumers change over time in relation to various factors like market conditions, technological advancements, and cultural shifts.
Product Diversification
This refers to the strategy employed by businesses to increase the variety of products or services they offer to expand into new markets.
Business Plan
A formal written document that outlines a company's objectives, strategies, market analysis, financial forecasts, and management plan.
Top-down Management
A management style where decision-making authority is concentrated at the top level of the organization and decisions are handed down to lower levels.
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