The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________.
A) market penetration
B) product development
C) mass marketing
D) market development
E) product adaptation

Question

Quizplus · Accepted Answer

Market development refers to the process of expanding the target market for an existing product or service. In this scenario, the managers of Arrow are looking to sell their current products in new demographic markets, which is an example of market development. Market penetration refers to increasing sales of an existing product in the existing market, product development refers to creating new products for the existing market, mass marketing refers to targeting a wide range of customers with a single marketing strategy, and product adaptation refers to modifying an existing product to meet the needs of a specific market. None of these options fully describe the situation described in the question.

The Managers of Arrow, an American Retail Chain, Are Currently