Chapter 14, Problem 8TU

Summary Introduction

To Determine:

A product’s initial introduction in the home market is a new innovation or an extension of an existing product is to be identified.

Introduction:

A product can be defined as the physical item or a service offered for sale. The making of each product involves a cost and hence it is sold at a price. There is a detailed process involved before giving shape to the final product. First, the market is analyzed to understand the need of the consumers and then an idea is created and the idea is further refined and tested to create the end product.