As a business owner, you always look for ways to grow and expand your enterprise. One of the ways you can achieve this is by increasing your product line. But why should you do it? This article will explore why you should consider expanding your product line and how it can benefit your business.
Coca-Cola Diet Coke is a new version of the existing product. The iPhone is upgraded to new understandings and released new series. Effects (or services) sold under a single brand name by a business, such as Coca-Cola and iPhone, are called Product Lines.
Under Microsoft, there are product lines such as MS Office, Power BI, and Windows Operating System. Under Nestle, product lines include Nescafe, Milo, Maggi, and Kit Kat. PepsiCo has product lines such as Pepsi and Mountain Dew. For businesses to enter new markets, To access new customers, Sales Expand product lines to increase profits.
When expanding the product line:
- We can develop the market.
- It makes brand identity more robust.
- There are more things for customers to choose from, thus increasing customer loyalty.
- Learn how to sell for business and Increases profits.
- We will be able to build a broader customer base.
- We will be able to do more cross-selling.
- For the decline stage of the product life cycle?
It must have been done in advance. When the product line is expanded, it can be beneficial. If you are going to expand your product line, you need to consider the resources that will be necessary. Build a marketing team that doesn’t have to look around.
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