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As mentioned above, the width of product mix is referred to as the total number of product lines that the company offers. A diversified product mix can target the maximum number of customers, however, such numbers of product lines requires much attention and focus as each product line targets different groups of consumers and involves individual strategy and management.
The abstract model of product family engineering allows different kinds of uses, most of them are related to the consumer electronics market. Below an example is given of an application of the product line engineering process, based on a real experience of Nokia. Nokia produces different types of products.
New generation methods are extending benefits beyond product creation into maintenance and evolution, lowering the overall complexity of product line development, increasing the scalability of product line portfolios, and enabling organizations to make the transition to software product line practice with orders of magnitude less time, cost and ...
Vertical product differentiation can be measured objectively by a consumer. For example, when comparing two similar products, the quality and price can clearly be identified and ranked by the customer. If both A and B products have the same price to the consumer, then the market share for each one will be positive, according to the Hotelling ...
To implement a product development strategy well, businesses should: [7] Invest in research and development to create products that address changing customer needs. Gathering customer feedback for designing products and services with their desired features. Collaborate with suppliers and distributors, to ensure a smooth and efficient supply chain.
Digital marketing mix is fundamentally the same as Marketing Mix, which is an adaptation of Product, Price, Place and Promotion into digital marketing aspect. [48] Digital marketing can be commonly explained as 'Achieving marketing objectives through applying digital technologies'.
Image source: The Motley Fool. Confluent (NASDAQ: CFLT) Q4 2024 Earnings Call Feb 11, 2025, 4:30 p.m. ET. Contents: Prepared Remarks. Questions and Answers. Call ...
"Product Servitization" is a transaction through which value is provided by a combination of products and services in which the satisfaction of customer needs is achieved either by selling the function of the product rather than the product itself, by increasing the service component of a product offer, or by selling the output generated by the product. [18]
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