Nike offers a new version of a running shoe to an established shoe market; this product strategy is known as:
A)market development
B)market penetration
C)diversification
D)product development

Question

Quizplus · Accepted Answer

Product development refers to creating new products or modifying existing ones and introducing them to existing markets. Nike is introducing a new version of a running shoe which falls under the category of product development. Market development refers to introducing existing products to new markets, market penetration is increasing market share in an existing market, and diversification refers to introducing new products in new markets.

Nike Offers a New Version of a Running Shoe to an Established