The Importance of Product Line Analysis Assignment Help
The product line analysis homework help is referred to as the variations present in the production process of a company. A product line is the presence of various products in the company under one or more brand names. It highlights the diversification in production of the current operations of the company.
Importance of product line analysis homework help
In order to successfully run a business, companies need to assess their product lines. This ensures that the company stays abreast with the latest developments in the corporate world. The importance of product line analysis assignment help are as follows:
Life cycle of a product
A product generally undergoes a life cycle divided in 4 stages which are:
- Stage 1 – introduction
In this stage the product is introduced into the market. To ensure the product is favourably reacted to the company should ensure that the existing product lines are used to promote the new product. This can be done by allowing customers free samples with their other purchases.
- Stage 2 – growth
In the second stage of the product’s life cycle, the product after being introduced into the market starts growing. The growth is in terms of their demand and supply. The company needs to ensure that they undertake adequate measures to highlight the features of the product.
- Stage 3 – maturity
This is the stage where the product line enjoys economies of scale and has established itself in the market. It needs to be ensured that the product does not lose its share in the market space to new entrants into the competition. So companies should always be on the lookout to expand its operations.
- Stage 4 – decline
This is the final stage in the life of a product and is generally replaced by new products which are cheaper and better. To ensure the product does not lose its place in the market, the company needs to upgrade its product lines often and frequently.
- Attracting customers
Having a large variety of products is a guaranteed way to attract more customers. When a company has products in different categories it encourages customers to explore them if they are satisfied with their current purchases. So the company must focus on quality products over quantity as their first priority. This helps to build up a loyal customer base which is extremely profitable in the long run when they expand their production and introduce new products.
- Catering to different markets
With the presence of a diversified product line, the company is able to cater to the needs of customers in various markets. This also eases the way to enter new markets with existing products. If the company intends to expand into production of new products this can be done easily too.
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