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.
The term Business Intelligence (or BI) defines the use of information technologies to identify, discover, and analyze business data, such as business [...]
Read More »Since 2008, several countries have enacted legislation that recognizes the importance of integrating artificial intelligence (AI) into key areas of life [...]
Read More »Data Mining is a process of exploration and analysis of large amounts of data, with the objective of discovering patterns, relationships and trends that can be [...]
Read More »Churn, or customer churn rate, is a constant challenge for today's businesses. The ability to retain customers is a constant challenge for today's companies.
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