Licensed Product Definition and Explanation PDF Download
Learn Licensed Product definition in marketing with explanation to study “What is Licensed Product”. Study licensed product explanation with marketing terms to review marketing course for online MBA programs.
Licensed Product Definition:
One whose brand name has been licensed to other manufacturers who actually make the product.
Principles of Marketing by Philip T. Kotler, Gary Armstrong
Licensed Product Explanation:
In this day and age of quick mechanical change, new advancements are the way to financial development. Today, numerous items have extremely short life cycles and are promptly supplanted in the commercial center by new innovation. In the event that an organization needs to endure, it needs to ceaselessly add new items to supplant declining items. Additionally, an organization might need to develop and differentiate by growing its product offering to take up overabundance assembling or advertising limit, level out occasional highs and lows, or just add to gainfulness with a demonstrated item. Organizations might not have the inside aptitudes, time, or cash to build up their own new items, so getting a demonstrated item rapidly through authorizing might be exceptionally appealing.
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