extending the PRODUCT LIFE CYCLE
| Market
Modification
extending the PRODUCT LIFE CYCLE |
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| INTRODUCTION | . | Market
Modification is an attempt by companies to extend the length of the Product
Life Cycle by making small, or big changes in describing how the product
can be used, so that they can sell more of the product to the same people
because the customers will have more uses for the product.
WTGR |
Chapter 10
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If
you "educate" the customers as to how the product can be used for more
purposes, then, theoretically they will buy more quantities of the product...
.....which is good because most people consider that it is easier to sell increased quantities of a product to existing customers compared to a product to completely new customers. Source of Ideas
for new uses
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Source
of Ideas for new uses
"Innovation strategy: Finding alternative uses of your products" "Finding
innovative new uses for successful products and services can clearly increase
your market size and, as a result, sales....We human beings are great improvisers,
especially when it can save us time."
from
One
of the key "modifications" that people make to how they find a new use
for a product (or service) almost always relates to saving time..specifically
DOING THINGS QUICKER. Watch this video which discusses why we are stressed
for saving time and why the "saving of time" is a key theme in many ways
we make decisions.
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Joe Park, who
was in C44 and D06 at University of Toronto in 2005, found some examples
of Korean cell phone ads. These ads show examples of market modification
(built on product modification).
The ad to the left demonstrates a clear example of market modification by showing how the cell phone, because it is now very very thin, (product modification), it can be used in a numer of new kewl ways. Sort of a combination of Product Modification, and Market Modification. Definitely an example of sex in advertizing |
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This ad shows
that by using the phone camera, with a telescoping lens, allowing you to
do things you previously could not do.
Because of this product modification, you now have additional uses for the camera which can be further explained in advertising to a new market and essentially leads to market modification - in the sense that people consider their phone a camera and use it accordingly. |
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