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There is an urgent need for business firms to periodically bring about changes in the physical properties of their existing products, in order to retain the customer base and overcome competition in the market. A number of factors can lead a manufacturer to modify their product.

  • To make the most of technological advances for the benefit of the firm
  • Modification instead of competition
  • Refurbish a product that is suffering from a decline in sales

What could be changed could be anything, color, size, material, functional characteristics, style and engineering, etc. could be considered as modification. Or a combination of the same. Finally, these changes should result in newer products of better quality, features and styles. Consumer goods are offered with a wide range and variety to cater to different consumer tastes as well as to stand out as unique in the market. Bath soaps, talc powders and cosmetics, just to name a few. Even manufacturers involved in basic industries such as textiles and apparel come up with a range of products that meet specific customer needs.

Product modification is different from product specialization that relates to end customers whose specifications are based on the end use of the product and the target market. For example, melange yarn is a specialized product used to produce better color shades for knitted fabrics (socks sector). Product modification concentrates more on enhancing product appeal by presenting it with attractive and enhanced attributes such as, better packaging and capabilities.

The Quality Improvement Strategy aims to increase functional product performance – durability, reliability, speed, taste, etc. Additional benefits would be versatility, security and convenience. The benefits of feature enhancement include:

  • Creates a company image
  • It can help win over the target market
  • Gives free advertising to the company
  • Brings enthusiasm to the company’s internal environment, including sales force and distributors

Improving style aims to enhance the aesthetic appeal of a product. Why do you think car manufacturers are periodically introducing new car models? It is a strategy that is more a style competition than a quality or feature competition. This type of style modification must be made after extensive market research to measure the advantage of people in the target market and avoid colossal monetary loss if, in the case of negative feedback from the market. Home furniture manufacturers can always take the risk of minor changes in texture and style, as new features can be quickly customized, quickly dropped, and often made optional the least expensive.

The company must mix and match its product change strategies to maintain its competitive position and keep up with the latest developments in the market scenario.

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Source by Shyamala Sankaranarayanan




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