Product line extension is a marketing strategy that involves the expansion of an existing product line to offer more choice to customers and ultimately increase sales and market share.
In the context of artificial intelligence and machine learning, range development can involve using data analytics techniques to identify patterns and trends in customer behaviour, and to identify opportunities to expand an existing product line. For example, a machine learning model could analyse customer buying patterns and determine that there is a growing demand for specific products within an existing product line, which could justify the creation of new products to meet that demand.
Range development is an important strategy for companies seeking to remain competitive in an increasingly saturated market, and can provide a significant advantage by allowing companies to offer a wider variety of products that meet customer needs and wants.
Natural Language Processing or NLP analyzes how machines understand, interpret and process human language.
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