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Answer :
The example that is being shown in the scenario above is an
example of product line stretching. A product line stretching is a way of
having to implement or provide a strategy for a company in terms of their new
products in a way of how they should expand it.
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Final answer:
Proton Corp.'s strategy of introducing a luxury car range represents product diversification, aiming to enhance its market presence and prestige.
Explanation:
Proton Corp., an automobile manufacturer previously known for producing efficient, durable, and low-priced cars, has recently expanded its product line to include luxury cars. This strategic move is an example of product diversification. Through the introduction of a new range of luxury cars, Proton Corp. aims to broaden its market appeal and add prestige to its existing line of products. This strategy is akin to other multi-product corporations, such as Proctor and Gamble, which produce a variety of products under their brand to capture a larger market share and meet diverse consumer needs. Similarly, vehicle manufacturers globally, including Tata Motors from India, have diversified their product offerings to cater to various market segments, from the most inexpensive cars to mid-sized and larger automobiles, thereby establishing a strong presence in the global marketplace.
