Line extension is a product management strategy that involves adding new products to an existing product line to meet the changing needs of customers and to increase revenue. It is a common practice among companies that have established a strong brand and a loyal customer base.
Line extension is important for several reasons:
Line extension can take many forms, including:
Line extension offers several benefits to companies, including:
While line extension can offer many benefits, it also presents several challenges, including:
Line extension is a product management strategy that can help companies to stay competitive, increase revenue, and leverage their existing brand and customer base. While it presents several challenges, line extension can be an effective way for companies to introduce new products and meet the changing needs of customers.