______________ is a strategy for company growth by identifying and developing
new market segments for current company products.
A) market penetration
B) market development
C) diversification
D) harvesting
E) product development

Question

Quizplus · Accepted Answer

Market development involves identifying and tapping into new market segments for existing products, in order to achieve company growth. This strategy does not involve creating new products or diversifying into new industries. Market penetration focuses on increasing sales of existing products in existing markets, while diversification involves expanding into new industries or product categories. Harvesting involves reducing investment in a particular product or market that is no longer profitable. Product development focuses on creating new products for existing markets.

______________ Is a Strategy for Company Growth by Identifying and Developing