Reasons for a firm to expand or contract its product line and reasons for a firm having a product mix strategy. Introduction: The Product line is a similar kind of product in a group under the umbrella of a single brand that mainly focuses on the same market area. For example: Chocolates such as MB, B-1, KTK, etc. belong to the chocolate product line of N Corporation.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 9, Problem 1QA

Summary Introduction

To identify:Reasons for a firm to expand or contract its product line and reasons for a firm having a product mix strategy.

Introduction: The Product line is a similar kind of product in a group under the umbrella of a single brand that mainly focuses on the same market area. For example: Chocolates such as MB, B-1, KTK, etc. belong to the chocolate product line of N Corporation.

Expert Solution & Answer

Explanation of Solution

There can be many reasons for a firm to expand its product line; some of them are as follows:

The already existing products that have reached to the decline stage of the product life cycle in which the people don’t see any value coming for them, then the company either upgrades and launch a new variant or they develop a new product which expands the product line to compete with the upcoming competition.

To capture the arising market opportunities, the product line is expanded. For example, if people are moving towards healthy diet and they start preferring honey over sugar, so a company making milkshakes could make new variants of a flavor with honey added to it rather than sugar.

With changing customers’ needs and demands, a company should also upgrade and launch new products with time. A product line should be expanded when the customers’ demands are changing with time. For example,people started demanding phone camera quality to be matched with a DSLR, so many companies upgrade their phones with better cameras to match with the quality of a DSLR.

To increase the customer loyalty, the product line is expanded because if a competitor has launched a new product, the loyal customers would also want the company to launch a better competing product.

There can be many reasons for a firm to contract its product line; some of them are as follows:

When the product becomes unprofitable or obsolete, many companies reduce down their product line and launch new products so that they do not become dependent on a single product.

When the market gets disrupted by a new technology, companies reduce down or terminate their product line because they know that if they will continue with the same products against disruptive technology, they will just make losses.

Many firms have a product mix strategy for the following reasons:

To beat down their competition.
To increase sales because launching so many variants of existing products and new products makes a company to not be dependent on a single product.
To meet demands of almost all type of customers by adopting a product mix strategy.
To expand the business because by taping many markets and specifically satisfying the demands of many niche markets, the business also grows.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

What is the commitment of the apple company to human rights violation?

How can I summarize my Marketing Proposal 1. Product Strategy Product/Service Description Our company is launching the ErgoFlex Wireless Keyboard, a high-performance ergonomic keyboard that is suitable for professionals and gamers. It features customizable RGB lighting, lightning-fast Bluetooth connectivity, and a rechargeable long-life battery, providing comfort and productivity for extended use. Justification for the Need With the escalating trend of online work and online gaming, consumers experience wrist stress from prolonged typing. Research points out that 70% of working professionals grumble about having aching wrists. ErgoFlex Wireless Keyboard is an answer to greater ease and efficiency in response to demands of modern working professionals and online gamers. 2. Pricing Strategy We will adopt a value-based pricing strategy, setting the price at $99.99. Competitor products have comparable keyboards priced at $120+, making it easy for us to brand ours as cheap but…

types of brand strategies used by marketers. Which one strategy could work better than another?

Answer 2

Question

Chapter 9, Problem 1QA

Summary Introduction

To identify:Reasons for a firm to expand or contract its product line and reasons for a firm having a product mix strategy.

Introduction: The Product line is a similar kind of product in a group under the umbrella of a single brand that mainly focuses on the same market area. For example: Chocolates such as MB, B-1, KTK, etc. belong to the chocolate product line of N Corporation.

Expert Solution & Answer

Explanation of Solution

There can be many reasons for a firm to expand its product line; some of them are as follows:

The already existing products that have reached to the decline stage of the product life cycle in which the people don’t see any value coming for them, then the company either upgrades and launch a new variant or they develop a new product which expands the product line to compete with the upcoming competition.

To capture the arising market opportunities, the product line is expanded. For example, if people are moving towards healthy diet and they start preferring honey over sugar, so a company making milkshakes could make new variants of a flavor with honey added to it rather than sugar.

With changing customers’ needs and demands, a company should also upgrade and launch new products with time. A product line should be expanded when the customers’ demands are changing with time. For example,people started demanding phone camera quality to be matched with a DSLR, so many companies upgrade their phones with better cameras to match with the quality of a DSLR.

To increase the customer loyalty, the product line is expanded because if a competitor has launched a new product, the loyal customers would also want the company to launch a better competing product.

There can be many reasons for a firm to contract its product line; some of them are as follows:

When the product becomes unprofitable or obsolete, many companies reduce down their product line and launch new products so that they do not become dependent on a single product.

When the market gets disrupted by a new technology, companies reduce down or terminate their product line because they know that if they will continue with the same products against disruptive technology, they will just make losses.

Many firms have a product mix strategy for the following reasons:

To beat down their competition.
To increase sales because launching so many variants of existing products and new products makes a company to not be dependent on a single product.
To meet demands of almost all type of customers by adopting a product mix strategy.
To expand the business because by taping many markets and specifically satisfying the demands of many niche markets, the business also grows.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 9, Problem 1QA

Summary Introduction

To identify:Reasons for a firm to expand or contract its product line and reasons for a firm having a product mix strategy.

Introduction: The Product line is a similar kind of product in a group under the umbrella of a single brand that mainly focuses on the same market area. For example: Chocolates such as MB, B-1, KTK, etc. belong to the chocolate product line of N Corporation.

Expert Solution & Answer

Explanation of Solution

There can be many reasons for a firm to expand its product line; some of them are as follows:

The already existing products that have reached to the decline stage of the product life cycle in which the people don’t see any value coming for them, then the company either upgrades and launch a new variant or they develop a new product which expands the product line to compete with the upcoming competition.

To capture the arising market opportunities, the product line is expanded. For example, if people are moving towards healthy diet and they start preferring honey over sugar, so a company making milkshakes could make new variants of a flavor with honey added to it rather than sugar.

With changing customers’ needs and demands, a company should also upgrade and launch new products with time. A product line should be expanded when the customers’ demands are changing with time. For example,people started demanding phone camera quality to be matched with a DSLR, so many companies upgrade their phones with better cameras to match with the quality of a DSLR.

To increase the customer loyalty, the product line is expanded because if a competitor has launched a new product, the loyal customers would also want the company to launch a better competing product.

There can be many reasons for a firm to contract its product line; some of them are as follows:

When the product becomes unprofitable or obsolete, many companies reduce down their product line and launch new products so that they do not become dependent on a single product.

When the market gets disrupted by a new technology, companies reduce down or terminate their product line because they know that if they will continue with the same products against disruptive technology, they will just make losses.

Many firms have a product mix strategy for the following reasons:

To beat down their competition.
To increase sales because launching so many variants of existing products and new products makes a company to not be dependent on a single product.
To meet demands of almost all type of customers by adopting a product mix strategy.
To expand the business because by taping many markets and specifically satisfying the demands of many niche markets, the business also grows.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 9, Problem 1QA

Summary Introduction

To identify:Reasons for a firm to expand or contract its product line and reasons for a firm having a product mix strategy.

Introduction: The Product line is a similar kind of product in a group under the umbrella of a single brand that mainly focuses on the same market area. For example: Chocolates such as MB, B-1, KTK, etc. belong to the chocolate product line of N Corporation.

Expert Solution & Answer

Explanation of Solution

There can be many reasons for a firm to expand its product line; some of them are as follows:

The already existing products that have reached to the decline stage of the product life cycle in which the people don’t see any value coming for them, then the company either upgrades and launch a new variant or they develop a new product which expands the product line to compete with the upcoming competition.

To capture the arising market opportunities, the product line is expanded. For example, if people are moving towards healthy diet and they start preferring honey over sugar, so a company making milkshakes could make new variants of a flavor with honey added to it rather than sugar.

With changing customers’ needs and demands, a company should also upgrade and launch new products with time. A product line should be expanded when the customers’ demands are changing with time. For example,people started demanding phone camera quality to be matched with a DSLR, so many companies upgrade their phones with better cameras to match with the quality of a DSLR.

To increase the customer loyalty, the product line is expanded because if a competitor has launched a new product, the loyal customers would also want the company to launch a better competing product.

There can be many reasons for a firm to contract its product line; some of them are as follows:

When the product becomes unprofitable or obsolete, many companies reduce down their product line and launch new products so that they do not become dependent on a single product.

When the market gets disrupted by a new technology, companies reduce down or terminate their product line because they know that if they will continue with the same products against disruptive technology, they will just make losses.

Many firms have a product mix strategy for the following reasons:

To beat down their competition.
To increase sales because launching so many variants of existing products and new products makes a company to not be dependent on a single product.
To meet demands of almost all type of customers by adopting a product mix strategy.
To expand the business because by taping many markets and specifically satisfying the demands of many niche markets, the business also grows.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1QA

Summary Introduction

To identify:Reasons for a firm to expand or contract its product line and reasons for a firm having a product mix strategy.

Introduction: The Product line is a similar kind of product in a group under the umbrella of a single brand that mainly focuses on the same market area. For example: Chocolates such as MB, B-1, KTK, etc. belong to the chocolate product line of N Corporation.

Expert Solution & Answer

Explanation of Solution

There can be many reasons for a firm to expand its product line; some of them are as follows:

The already existing products that have reached to the decline stage of the product life cycle in which the people don’t see any value coming for them, then the company either upgrades and launch a new variant or they develop a new product which expands the product line to compete with the upcoming competition.

To capture the arising market opportunities, the product line is expanded. For example, if people are moving towards healthy diet and they start preferring honey over sugar, so a company making milkshakes could make new variants of a flavor with honey added to it rather than sugar.

With changing customers’ needs and demands, a company should also upgrade and launch new products with time. A product line should be expanded when the customers’ demands are changing with time. For example,people started demanding phone camera quality to be matched with a DSLR, so many companies upgrade their phones with better cameras to match with the quality of a DSLR.

To increase the customer loyalty, the product line is expanded because if a competitor has launched a new product, the loyal customers would also want the company to launch a better competing product.

There can be many reasons for a firm to contract its product line; some of them are as follows:

When the product becomes unprofitable or obsolete, many companies reduce down their product line and launch new products so that they do not become dependent on a single product.

When the market gets disrupted by a new technology, companies reduce down or terminate their product line because they know that if they will continue with the same products against disruptive technology, they will just make losses.

Many firms have a product mix strategy for the following reasons:

To beat down their competition.
To increase sales because launching so many variants of existing products and new products makes a company to not be dependent on a single product.
To meet demands of almost all type of customers by adopting a product mix strategy.
To expand the business because by taping many markets and specifically satisfying the demands of many niche markets, the business also grows.

Answer 6

Chapter 9, Problem 1QA

Summary Introduction

To identify:Reasons for a firm to expand or contract its product line and reasons for a firm having a product mix strategy.

Introduction: The Product line is a similar kind of product in a group under the umbrella of a single brand that mainly focuses on the same market area. For example: Chocolates such as MB, B-1, KTK, etc. belong to the chocolate product line of N Corporation.

Expert Solution & Answer

Explanation of Solution

There can be many reasons for a firm to expand its product line; some of them are as follows:

The already existing products that have reached to the decline stage of the product life cycle in which the people don’t see any value coming for them, then the company either upgrades and launch a new variant or they develop a new product which expands the product line to compete with the upcoming competition.

To capture the arising market opportunities, the product line is expanded. For example, if people are moving towards healthy diet and they start preferring honey over sugar, so a company making milkshakes could make new variants of a flavor with honey added to it rather than sugar.

With changing customers’ needs and demands, a company should also upgrade and launch new products with time. A product line should be expanded when the customers’ demands are changing with time. For example,people started demanding phone camera quality to be matched with a DSLR, so many companies upgrade their phones with better cameras to match with the quality of a DSLR.

To increase the customer loyalty, the product line is expanded because if a competitor has launched a new product, the loyal customers would also want the company to launch a better competing product.

There can be many reasons for a firm to contract its product line; some of them are as follows:

When the product becomes unprofitable or obsolete, many companies reduce down their product line and launch new products so that they do not become dependent on a single product.

When the market gets disrupted by a new technology, companies reduce down or terminate their product line because they know that if they will continue with the same products against disruptive technology, they will just make losses.

Many firms have a product mix strategy for the following reasons:

To beat down their competition.
To increase sales because launching so many variants of existing products and new products makes a company to not be dependent on a single product.
To meet demands of almost all type of customers by adopting a product mix strategy.
To expand the business because by taping many markets and specifically satisfying the demands of many niche markets, the business also grows.

Answer 7

Chapter 9, Problem 1QA

Summary Introduction

To identify:Reasons for a firm to expand or contract its product line and reasons for a firm having a product mix strategy.

Introduction: The Product line is a similar kind of product in a group under the umbrella of a single brand that mainly focuses on the same market area. For example: Chocolates such as MB, B-1, KTK, etc. belong to the chocolate product line of N Corporation.

Answer 8

Expert Solution & Answer

Explanation of Solution

There can be many reasons for a firm to expand its product line; some of them are as follows:

The already existing products that have reached to the decline stage of the product life cycle in which the people don’t see any value coming for them, then the company either upgrades and launch a new variant or they develop a new product which expands the product line to compete with the upcoming competition.

To capture the arising market opportunities, the product line is expanded. For example, if people are moving towards healthy diet and they start preferring honey over sugar, so a company making milkshakes could make new variants of a flavor with honey added to it rather than sugar.

With changing customers’ needs and demands, a company should also upgrade and launch new products with time. A product line should be expanded when the customers’ demands are changing with time. For example,people started demanding phone camera quality to be matched with a DSLR, so many companies upgrade their phones with better cameras to match with the quality of a DSLR.

To increase the customer loyalty, the product line is expanded because if a competitor has launched a new product, the loyal customers would also want the company to launch a better competing product.

There can be many reasons for a firm to contract its product line; some of them are as follows:

When the product becomes unprofitable or obsolete, many companies reduce down their product line and launch new products so that they do not become dependent on a single product.

When the market gets disrupted by a new technology, companies reduce down or terminate their product line because they know that if they will continue with the same products against disruptive technology, they will just make losses.

Many firms have a product mix strategy for the following reasons:

To beat down their competition.
To increase sales because launching so many variants of existing products and new products makes a company to not be dependent on a single product.
To meet demands of almost all type of customers by adopting a product mix strategy.
To expand the business because by taping many markets and specifically satisfying the demands of many niche markets, the business also grows.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 9 - Prob. 1QA Ch. 9 - Prob. 2QA Ch. 9 - Prob. 3QA Ch. 9 - Prob. 4QA Ch. 9 - Prob. 5QA Ch. 9 - Prob. 6QA Ch. 9 - Prob. 7QA Ch. 9 - Prob. 8QA Ch. 9 - Prob. 9QA Ch. 9 - Prob. 10QA

Explanation of Solution

Want to see more full solutions like this?

Chapter 9 Solutions