Strategies That Alter a Product's Characteristic Such as Its Quality

question 227

Multiple Choice

Strategies that alter a product's characteristic such as its quality, performance, or appearance to increase the product's value to customers and increase sales are referred to as _________.

• A)market modification
• B)product modification
• C)product repositioning
• D)market-product strategy
• E)diversification

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Definitions:

Commodity Goods

Basic goods used in commerce that are interchangeable with other goods of the same type, often used in economic analysis and trading.

Target Marketing

The process of identifying and communicating with specific segments of the market that are considered more likely to buy a particular product or service.

Mass Production

A manufacturing method that produces large quantities of standardized products, often on assembly lines, enabling economies of scale and cost reduction.

Mass Marketing

A marketing strategy aiming to appeal to a large, general audience by using widespread distribution and media channels.