Business – 3.3 The marketing mix – Product | e-Consult
3.3 The marketing mix – Product (1 questions)
Login to see all questions.
Click on a question to view the answer
Product development contributes to competitive advantage in several ways:
- Differentiation: Introducing new or improved products allows a firm to stand out from rivals and meet unmet customer needs.
- Market penetration: Fresh offerings can attract new customer segments or increase share within existing segments.
- Brand reputation: A track record of innovation enhances perceived quality and trust.
- Revenue growth: New products generate additional sales streams and can command premium pricing.
- Barrier to entry: Continuous development raises the cost and complexity for potential entrants.