Examlex
McDonald's wanted to add a pancake shaped like a muffin to its breakfast menu.The problem was in determining how a customer would add syrup to the pancake while eating and driving.Fortunately,one of the company's suppliers developed crystallised syrup that seeps through the pancake once it is heated.What phase of new-product development occurred when McDonald's met with its supplier?
Market Segmentation
The method of segregating a potential customer base into categories or segments according to various traits.
Cannibalization
The detrimental impact on sales of a product due to the introduction of a similar product by the same company.
Tiffany/Walmart Strategy
A business approach that contrasts high-end, premium products and services (Tiffany) with low-cost, high-volume goods (Walmart), targeting different market segments.
High-End Segments
Market segments composed of consumers who purchase luxury or premium products and services.
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