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The Pros and Cons of Launching a New Product in the High End segment
The high-end market presents a promise of high profitability for firms that have already penetrated this market segment. Therefore, it would normally be considered as a prioritized target market when a firm that already have an existing product in this market segment is launching a new product. This paper briefly explores the merits and demerits of this strategy, and circumstances when it would be most suitable.
Launching a new product in the High End segment, when a firm already have an existing product in the High End segment could help in easier and faster market penetration, especially if the existing products have gained brand distinction in the market. The customers are likely to associate the new brand or product with the established one, and this brand association gives the new brand a distinction a brand equity that would ordinarily take to build (Keller et al., 35). The association also enhances brand awareness among the existing customers. Besides, the firm may save of marketing cost, partly due to the reduce.............
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