Understanding the Market — Entrepreneurship STD 11 Commerce — Question

Product Development Strategy implies developing or modifying the existing product to meet the requirement of the customers. This involve developing and selling new products to people who are already purchasing the firm's existing products, i.e., management can consider new product possibilities in the same existing markets by:

1. Adding new features: A fairness cream with sunscreen component.
2. Different Quality Levies: Surf excel, Surf Ultra, etc.
3. Alternative Technology: CDMA and GPRS mobiles.