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When companies add a new item to a product line, it is referred to as the product line extension. The purpose of it is to attract new customers who may not be familiar or satisfied with the current standard product line. For example, when a lifestyle pharmacy decided to add in a high protein muesli bar into its current product line of muesli bar.
Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. There are two types of product line extensions, horizontal and vertical.
Product placement, also known as embedded marketing, is a marketing technique where references to specific brands or products are incorporated into another work, such as a film or television program, with specific promotional intent.
In a competitive market, product-based success requires that customers obtain significant value from the core product. Product marketing. Product marketing is the process of promoting and selling a product to an audience. It further includes defining the scope of the product line, identifying potential markets for a product and determining ...
Product marketing. Product marketing is a sub-field of marketing that is responsible for crafting the messaging, go-to-market flow, and promotion of a product. Product marketing managers can also be involved in defining and sizing target markets.
Diversification is a corporate strategy to enter into or start new products or product lines, new services or new markets, involving substantially different skills, technology and knowledge. Diversification is one of the four main growth strategies defined by Igor Ansoff in the Ansoff Matrix : [1]