228 Services Marketing
3. Additions to the Existing Product Line. A company may add new products
to the established product lines in order to strengthen the product lines
4. Improvements and Revisions of Existing Products. A company may
modernize its products by adding new values or replacing the existing
products with improved ones.
5. Re-positionings: e existing products of a company may be targeted to
new markets or new market segments.
6. Cost Reductions: Companies may develop new products that are capa-
ble of providing similar performances at a lower cost than that of earlier
products.
Steps in the Development of a New Service
New service development has a similar development process to product
development, but there are signi ...