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

Question

Quizplus · Accepted Answer

Market development is the process of identifying and developing new markets for existing products. This is done to increase sales and profits by reaching new customer segments or geographic markets. Market skimming, product development, and dual adaptation all involve modifying existing products to fit different markets or customer needs. Market penetration involves increasing market share in an existing market.

A Common Practice Among Marketers Is to Identify and Develop