Under a strategy of _____,firms seek growth by introducing new products into markets in which it is already active.

Question

Quizplus · Accepted Answer

Product development is the strategy where firms introduce new products into markets in which they are already present. This strategy involves research, development, and innovation to create new products that will attract more customers and increase the firm's market share. Market penetration involves increasing market share in existing markets, while market development involves entering new markets with existing products. Diversification involves entering new markets with new products, and benchmarking is a process of comparing a company's performance with the best practices of other firms.

Under a Strategy of _____,Firms Seek Growth by Introducing New