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?

Question

(1 point)
Responses

Pivoting to new market

Pivoting to new market

Refining an existing offering

Refining an existing offering

Creating a minimally viable product

Creating a minimally viable product

Using feedback to iterate on a product

Using feedback to iterate on a product

Answer 1

The phrase that BEST describes the approach Segway took is Pivoting to new market.