Chapter 8 Flashcards
1
Q
Product Life cycle
A
Describes the stages that a new product goes through
2
Q
Product life cycle strategies
A
- Modifying the product
- Modifying the market
- Repositioning a product
- Introducing a new product
3
Q
Barriers that deter adoption
A
- Usage
- Value
- Risk
- Psychological
VURP
4
Q
Market penetration (1)
A
Finding ways to make current products appeal to customers
5
Q
Market Development (2)
A
Reaching new customers with a current product
6
Q
Product Development (3)
A
Reaching current customers with a new product
7
Q
Diversification (4)
A
Reaching new customers with a new product
