Greyzone,a company manufacturing office furniture,is based in Terrania,but is looking to sell its products in other countries as well.The company identifies the country of Nyevka as a good option,as the cultures and tastes of consumers in the two countries are similar.Which of the following strategies is Greyzone using?

Question

Quizplus · Accepted Answer

Greyzone is using market development strategy, as it is seeking to sell its products in a new market (Nyevka) with similar cultures and tastes as its current market (Terrania). Market penetration strategy involves selling more of the existing products in the existing market, downsizing strategy involves reducing the size of the company, diversification strategy involves entering a completely new market or introducing a new product, and product development strategy involves developing new products for the existing market.

Greyzone,a Company Manufacturing Office Furniture,is Based in Terrania,but Is Looking