Question

In the case of segway, makers of the segway personal mobility vehicle, the company discovered that individuals would be reluctant to purchase their products for personal use only after it had spent over $100 million in research and development. instead of scrapping the product, segway shifted their sales and marketing toward organizations like police departments and warehouse operators, where they could be successful. which phrase best describes the approach they took?

a. pivoting to new market
b. refining an existing offering
c. creating a minimally viable product
d. using feedback to iterate on a product

Answer 1

Segway shifted its business strategy by pivoting to a new market after realizing its product was not being adopted for personal use, instead focusing on sectors like police departments and warehouse operations. So the correct answer is option a.

Step-by-step explanation:

In the case of Segway, the company altered its business strategy when it realized its product was not being adopted by the intended personal use market. After significant investment, instead of discontinuing the product, Segway reoriented its focus towards a different market segment.

The phrase that best describes this strategic shift is a. pivoting to a new market. Segway's decision to target organizations like police departments and warehouse operators exemplifies a pivot. This move enabled the company to capitalize on sectors where the practical utility of Segway's was immediately recognized, as opposed to the general consumer market that was hesitant.

The approach that Segway took in response to individuals' reluctance to purchase their products for personal use was pivoting to new market. Instead of scrapping the product, they shifted their sales and marketing toward organizations like police departments and warehouse operators, where they could be successful. This pivot allowed Segway to find a new market for their product and continue its development.

Answer 2

Segway redirected its focus to a new segment after discovering their original target market was not receptive, which is described as pivoting to a new market.

Step-by-step explanation:

When Segway, after spending over $100 million in research and development, found that individuals were hesitant to buy their personal mobility vehicles for private use, they did not abandon their product. Instead, they changed their sales and marketing focus to organizations such as police departments and warehouse operators.

This strategic shift is best described as pivoting to a new market, where the company redirects its business strategy and offering to a different segment or type of customer after discovering that the initial market was not as receptive as anticipated.

Instead of scrapping the product, Segway shifted their sales and marketing strategy towards organizations like police departments and warehouse operators, where they believed they could find success.