A common practice among marketers is to identify and develop new markets for their current products.This practice is called ________.
A) market development
B) product development
C) market penetration
D) market skimming
E) dual adaptation

Question

Quizplus · Accepted Answer

Market development involves identifying and developing new markets for existing products. This may involve market research, product adaptation, and promotional activities to reach new customers. Product development involves creating new products for existing markets, market penetration involves increasing market share in current markets, market skimming involves setting high prices for new products to maximize profits, and dual adaptation is not a recognized marketing term.

A Common Practice Among Marketers Is to Identify and Develop