Explain various methods of product modification.

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Meaning and Definition of the Product Modification

Each product has its own life-cycle, that is, every product must at some point of time reach its degradation state and become obsolete, but every producer wants that the life-cycle of his product continues for an eternity. For this, he always tries to increase the life span of his product at maturity and saturation stage so that his product reaches the stage of decline late, to do this he adopts product modification method. – Uses policy. Product modification refers to changes in the size, type, color, style, etc. of the product.

In conclusion, it can be said that product modification is done intentionally and under this, changes in the physical characteristics of the product, such as size, cream, color etc. or changes are made in the packaging of the product so as to attract new customers. To retain the old customers and to face the competition. Product modification leads to an increase in the total sales volume of the enterprise, resulting in an increase in the profitability of the enterprise.

Various Strategies of Product Modification

Some of the main policies of product modification are as follows-

(1) Variety Improvement Policy Under this method, the quality of the product is improved by using good quality of raw material or engineering technology so that the reliability and durability of the product is increased. Two things are necessary for the success of this policy.

(i) Improvements in the product should be such that which is clearly visible by Dr. (ii) Consumers are well acquainted with changes in the type of product.

(2) Style Improvement Methodology Under this custom, aesthetic attractions are increased in the product. This practice is often used by manufacturers of fashionable and automobile products, such as manufacturers of clothing, trucks, motorcars, scooters, etc. This practice is very risky because it cannot be said with certainty that the product The new style will get the approval of the consumers.

(3) Work-related improvement methodology – Under this method, the product is redesigned in this way. So that the product becomes more convenient, safe and efficient than before. According to the development of a new technology, the improvement made in the product is also included under this methodology. In this methodology, the leadership image of the enterprise is formed. It is a very flexible competitive tool because it can be quickly adopted or abandoned. This practice increases the enthusiasm of sellers and distributors.

(4) Packaging Improvement Methodology Under this policy, improvement is made in the packing of the product so that the product can reach the consumers safely and if possible, the consumer can make any use of that packing material.

The product modification practices described above are completely independent of each other, but in practice they can also be used together. Product modification policies are at high risk. In order to reduce the risk, the business enterprise may take any one or more of the following decisions- (i) All the modifications to the product should be done gradually and not all at once. (ii) Old products should also be produced along with modified products. (iii) Adequate attention should be given to marketing research to find out the potential selling effects of the product modification.

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