Product Development Using Line Extensions, Me Too's and Innovative Products

Question 1

types of product

Answer 1

line extensions
me too
innovative product

Question 2

line extensions

Answer 2

○ Relatively minor changes to extend the product range of a companies existing products by incorporating features such as new flavours
§ Reasons for line extensions
□ Increases market share
□ Responds to marketplace trends
Responds to consumer demands

Question 3

me too

Answer 3

Are direct copies which make up for 20% of new products and are often cheaper

Question 4

innovative

Answer 4

Completely new and different to pre-existing products that have not been on the market before and make up for 10% of new products