Product development

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  • Marketing strategies - product development
    • the strategy involves marketing a new product to the businesses existing customers
    • The business innovates new product offerintgs to replace supplement existing ones
    • Advantages are that the business knows its customers which makes it easier to conduct the market research and promote new products
    • however, the business may engage in producing and selling products which it has limited expertise and may be vunderable to the actions of competitors
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