Brand and Product development Strategy

Product or brand development strategy carries in itself developing new products or modifying already existing ones so making them appear new, and offering those products to current or new market. New product development strategies can be aimed at new market, as considers the opportunity of capturing new differentiated target segment, and satisfying the needs and wants of customers of the determined segment. While product modification strategies are mostly aimed at existing markets. As customers’ tastes and preferences are changing frequently because of different reasons, organization should be prepared to update the product anytime. Offering modifications to the existing product will increase interest towards the product and thus generate higher sales. Repositioning is about modification of consumer perception of a product or service relative to competitive products or services. It is necessary when the preferences of the market shift. Repositioning is effected by the particular change in marketing mix in response to changes in marketplace.




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