Question

In: Economics

How can a company Reconstruct Market Boundaries to improve its new products success.

How can a company Reconstruct Market Boundaries to improve its new products success.

Solutions

Expert Solution

MEANING OF COMPANY -

COMPANY IS A ARTIFICIAL BODY WHICH IS CREATED BY LAW ALONG WITH IT ALSO HAVE LEGAL ENTITY WITH PERPETUAL SUCCESSION AND COMMON SEAL .

HOW COMPANY LAUNCH NEW PRODUCT ?

Optimum allocation of resources and gaining maximum profit out of is the main target of every company or a firm while launching new product  . So when company launch new product it may rebuilt market boundaries .

  • REBUILT OR RECONSTRUCT MARKET BOUNDARIES MEANS to have a look or think beyond the current market so existing company will not face the war of competition .

BASICALLY THERE ARE SIX BASIC APPROACHES WHICH HELP TO REBUILT MARKET BOUNDARIES TO IMPROVE NEW PRODUCT SUCCESS .

  1. Company should look across different companies this is because might be they have different product or services because company not only compete with other companies but it also compete with other products too .
  2. Look across other company who are making similar product , so have focus of strategic group within companies .
  3. Have focus on the chain of buyers because thee are the only one who are directly or indirectly responsible for the sale of product .
  4. There should be main focus on the services of the product or on the complementary services and goods .
  5. Keep in mind the needs or demand of the costumers .
  6. Time or Trend are main two aspect to rebuild new market boundaries while launching new product because running with fashion or being updated with the technologies denotes a personality of an human being .

WHILE KEEPING IN MIND ABOVE BOUNDARIES ALTERING MOVER OR STRATEGIC ALTERING CREATE PRODUCT READY TO FACE THE COMPETITION AND COMPANY CAN GET MAXIMUM PROFIT OUT OF IT . AND IT MAY ALSO HELP TO FORMULATE BLUE OCEAN STRATEGY .


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