Product Modification Refers to

question 30

Multiple Choice

Product modification refers to

• A)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.
• B)a strategy for managing a product's life cycle that attempts to increase a product's use among existing customers, create new use situations, or find new customers markets.
• C)a strategy in which a company tries to find new customers and increase a product's use among users who "strayed" but will return again.
• D)a strategy whereby a firm drops its lowest producing market segment and replaces it with an entirely new target market.
• E)a strategy of blending the lowest producing market segments into one new target market in order to enjoy marketing economies of scale.

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Definitions:

Abraham Maslow

A renowned American psychologist who is famous for developing the hierarchy of needs theory, which suggests that psychological well-being is based on meeting essential human needs.

Cognitive Psychology

A branch of psychology that studies mental processes including how people think, perceive, remember, and learn.

Problem Solving

The process of identifying a problem, generating possible solutions, and implementing a solution.

Neo-Freudians

Psychologists who were influenced by and extended Freud's theories, typically focusing more on social and environmental factors.