Question

The television has undergone a large number of changes since its introduction. For example, Sony now produces not only color televisions but also such innovative products as televisions that include video equipment. This sort of product evolution is referred to as product

Answer 1

Answer:

- Extension.

Explanation:

'Product extension' is illustrated as the company's strategy that involves the use of a presently existing established brand name to introduce a new product with slight variations in the similar product category. Such strategies assist the companies to increase their profit margins by offering a wide variety of products as the familiar brand's goodwill works for it to increases the sales effectively.

In the given question, the introduction of 'innovative products as televisions' by Sony that offers a variation in the established brand name of Sony in 'color television' would surely promote the increased sales and profits for the company. Such a strategy is categorized as 'product extension' that involves the extension of the similar product range.