MKT 300 Study Guide - Final Guide: Amazon Marketplace, Profit Maximization, Status Quo
Document Summary
Product mix: all the product lines and products a company offers. Product planning: the focus given to core businesses, market development, product development, and diversification. Firms that do not make these adjustments are often forced to downsize, consolidate or withdraw from some markets. Successful core can generate revenues to support other ventures. Extend core business to take advantage of additional product offerings supported by unique competency. Market development: occurs when existing products are offered to new segments: sell directly to new segments or use new channels of distribution, may expand from local markets to: regional, national, international, or global markets. Diversification: occurs when new products are introduced into new market segments: from extensions of the current business or sometimes with new ventures. Continuous innovation: a minor alteration in an existing product that can be easily adopted without significant changes in consumer behavior.
