Acme Innovations Pty Ltd has modified the production processes of its widgets and gadgets in order to tap into the developing Eastern European market.It is likely following a ________ strategy.
A)market penetration
B)market development
C)diversification
D)harvesting
E)product development

Question

Quizplus · Accepted Answer

The company has modified its production processes in order to tap into a developing market, indicating a market development strategy. Market penetration involves increasing market share in an existing market, diversification involves entering new markets with new products, harvesting involves reducing investment in a product or market, and product development involves creating new products for an existing market. None of these strategies fit the scenario described in the question as well as market development.

Acme Innovations Pty Ltd Has Modified the Production Processes of Its