Product Strategy - Chapter 20 Flashcards
1
Q
entry into new markets (diversification)
A
the entry into new markets by new products
2
Q
market development
A
to take current products and market them into new markets
3
Q
market expansion
A
the attempt to increase the size of a market by converting non-users to users of the product and by increasing usage rates
4
Q
market penetration
A
to continue to grow sales by marketing an existing product in an existing market
5
Q
portfolio planning
A
marketing groups of brands and product lines
6
Q
product development
A
increasing sales by improving present products or developing new products for current markets
7
Q
product lifecycle
A
a 4 stage cycle in the life of a product illustrated as sales and profit curves, and 4 stages being introduction, growth, maturity and decline
