Compare and Contrast Line Extensions and Product Modifications

question 87

Essay

Compare and contrast line extensions and product modifications.

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Definitions:

Market Research Activities

Comprise various tasks and processes used to gather, analyze, and interpret data about a market, including customer preferences, competition, and trends.

Marketing Research Process

A systematic series of steps to identify and solve marketing problems through the use of scientific research methodologies.

Strategic Planning

A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.

Managerial Decision

A decision-making process by managers that involves choosing between possible solutions to a problem to achieve the best possible outcome for their organization.