Product Modification Homework Help
Facilitate your knowledge with Production Modification homework help
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Product modification is an attempt by the undertakings to widen the length of the product’s life cycle. This definition may appear very simple and straight, but the bifurcations in this subject matter are wide.
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Product Modification- A detailed study
An alteration in a product’s feature is simple product modification. It is creation and subsequent introduction of a commodity or service that is new or an enhanced version of the earlier good.
Advantages and Disadvantages of product modification
Advantages of product innovation or modification are as follows-
- Competitive advantage-
A business that is capable of distinguishing their product from other products in same industry to larger extent will be able to attain more profits.
- Brand switching–
Businesses which, once again are able to utilize product modification will, therefore, entice consumers from the rival brand to purchase their products.
Disadvantages of product modification are as follows-
- Counter effect or product modification–
Not all businesses always create products from scratch but rather substitute separate resources to develop productive innovation.
- High costs and risk of failure–
Modifying products does not assure increase in the purchase or demand; hence it is a risk rather it adds to the cost of the business.
- Disrupting the outside world–
in order to facilitate product modification, the business haves to alter the way it runs, and this could lead to breaking down relations with businesses and its customers. With our Product Modification assignment help you can get a better insight into this.
- Ways of product modification
There are three main ways of product innovation-
- Quality modification–
The alteration that relates to the dependability and durability of the product, reducing the product’s quality may allow organization to decrease the price and direct the product at a wider target market.
- Functional modification–
Alterations that influence the versatility, effectiveness, convenience, and safety of the product that widens the market
- Style modifications–
These modifications focus on changing the sensory appearance of the product by changing its texture, taste, color, etc.
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- New product development
The new product development is the primary stage before Product life cycle can be examined yet plays a crucial role in the production process. To prevent any loss of gains or the liquidation for businesses in long-term, fresh products must be created to replace old products.
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