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 is referred to as

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Market modification refers to strategies aimed at increasing a product's use among existing customers, creating new use situations, or finding new customers. This approach involves modifying the marketing mix, such as adjusting the product features, distribution channels, pricing, or promotional efforts to target new markets or consumer segments. Product modification typically involves changes to the physical attributes or performance of the product itself. Product repositioning focuses on changing the perception or image of the product in the minds of consumers, often by changing the target market or the way the product is marketed. Customer orientation refers to a company-wide philosophy that emphasizes meeting the needs and wants of customers. Diversification involves expanding a company's product or service offerings into new markets or industries.

A Strategy for Managing a Product's Life Cycle That Attempts