Marking Mix Essay Example | Topics and Well Written Essays - 750 words

Marking Mix - Essay Example The main challenges are limited distribution facilities and narrow market. This, product diversification has been used to dispose of by-products and to capitalize on a company's research-and-development efforts. In fact, the diversification of a product line has been a basic way of achieving long-term market survival. If one considers the rapid technological advances that are being made and the new products being developed, then diversification does not become an incidental or peripheral activity, but a pivotal activity worthy of vigorous and sustained pursuit. The Temperature Sensors are safe for users, so any ethical or social problems are exist. If the company starts to sell this product in other regions, it should ensure that Temperature Sensors are suitable for different temperature regimes and can be used in countries with severe weather conditions. Also, it is important to product Temperature Sensors with scales and marks on different languages so target population can easily read and understand the product information. Gray leaf spot resistant is a new chemical product aimed to protect vegetation from gray leaf spot disease. This is an improvement of existing products. In this case, attempts to diversify product lines create a risk, for dealer and customer reaction is always uncertain. To some extent, the risk may be reduced through the use of marketing intelligence, as is the case when products that enjoy good differential advantages are discovered. A product- program starts with screening and then consideration of what is to be done to bring a product to the market. Firms may follow a check list that covers various aspects of product introduction, based on a study of trade practices. Product diversification may result in either trading up or trading down. In trading up, the manufacturer adds related items to his line that will sell for an increase in price, whereas trading down is the reverse process. There are two objectives involved in a decision to increase the number of variations in price a nd quality: to gain sales by catering to a new segment of the market, and to gain sales in the existing market by trading up or down (Dobson and Starkey 2004). The main ethical and social concerns are safety of chemicals and effectiveness of the product, environmental and legal compliance. If the company wants to sell this product overseas, it is important to take into account legal regulations and standards applied to chemical products and pesticides in a foreign country. The company should test the product in different environment and ensure it is safe enough for different geographical locations and weather conditions. As markets become more heterogeneous, and diverse products are developed to satisfy them, manufacturing efficiency will decline (Paley, 2006). Ramadan Iftar Box 2 is a revision of the existing product line popular in Lebanon. This product is a reaction to competitor's moves and consist of adjustments of current product lines, or they may involve the development of new products. The former are mainly defensive moves and the latter mainly offensive (Paley, 2006). Most companies use the defensive strategies to improve the profitability of existing lines and develop new products to meet competitors' lines. However, the