A ________ growth strategy employs the existing marketing offering to reach new market segments.
A)product proliferation
B)market development
C)market penetration
D)diversification
E)product development

Question

Quizplus · Accepted Answer

Market development strategy aims to introduce the existing product to new market segments, thereby expanding the customer base. The company leverages its existing products in new markets through different marketing channels, partnerships, or geographical expansion. Product proliferation is about introducing new products in the existing market, product development is about enhancing the existing product, diversification is introducing completely new products in new markets, and market penetration is about increasing sales of existing products in the existing market.

A ________ Growth Strategy Employs the Existing Marketing Offering to Reach