A product has reached a mature market, but the firm seeks new uses and new customer groups to extend its sales. This approach is known as:
Correct answer: C. Market modification
- A. Channel reduction
- B. Price skimming
- C. Market modification
- D. Brand elimination
Explanation
Market modification attempts to extend a product's life by finding new users, new uses or increased usage among existing users. It is commonly used during maturity, when sales growth has slowed.
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