Engaging in new product development is the strategic activity that the major league baseball (MLB) brand pursuing in order to expand its popularity among younger target segments.
The majority of Major League Baseball's target market consists of males between the ages of 18 and 49. According to TV Quarterly Magazine, this demographic attracts advertisers due to its perceived worth. It is believed that these potential customers are more likely than older ones to switch brands or product preferences. However, it has been challenging for the national pastime to get to this point. A 2013 Nielsen survey found that 50% of viewers of MLB's regular season in 2013 were 55 years of age or older.
The methods and steps taken to introduce new items to the market or alter existing products to spur the growth of new businesses are referred to as product development strategies. From creating an idea to providing goods to clients, there are various processes involved in developing a product. To be effective and produce income for a firm, each stage needs a strategy.
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