A Company Adds Several Features to One of Its Products

question 30

Multiple Choice

A company adds several features to one of its products and reduces the product's price.What is most likely to be the company's objective?

• A)To reduce turnover rate
• B)To meet competition
• C)To increase the prestige of the product
• D)To decrease the product's market fluctuation rate

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Definitions:

Develop New Products

The creation and introduction of new or improved goods or services to meet consumer needs and market demands.

Online Communities

Virtual spaces where individuals with shared interests, goals, or purposes interact, share information, and build relationships over the internet.

Design Thinking

Design thinking is a process that encourages organizations to focus on the people they’re creating products for.

New-product Strategy

A plan that outlines the conceptualization, development, and launch of new products, considering the target market and the competitive landscape.