Carrigan has just launched his new business.He has great plans for expansion later but for now,the most appropriate and effective product strategy to use in this stage of his small business is the _____ product strategy.

Question

Quizplus · Accepted Answer

In the initial stage of a small business, it is important to focus on one product and one market. This strategy will allow the business to establish a strong foothold in a particular market segment by offering a product that meets the specific needs of that market. Carrigan can then use the feedback and experience gained from this initial launch to refine and improve the product before expanding to multiple markets or launching multiple products. This approach also allows for a narrower focus, which can help to conserve resources and reduce the risk of spreading the business too thin.

Carrigan Has Just Launched His New Business