Customer relationship software allows bank service representatives to quickly determine which types of accounts, loans, and credit cards a customer currently has. With this information, the service representative can determine what other bank services that same customer could potentially enroll in or purchase. This growth strategy is an example of
A)product proliferation.
B)market development.
C)market penetration.
D)diversification.
E)product development.

Question

Quizplus · Accepted Answer

Market penetration involves strategies aimed at increasing sales of existing products to an existing customer base. In this scenario, the bank is looking to sell more of its existing services (accounts, loans, credit cards) to current customers, which aligns with the definition of market penetration.

Customer Relationship Software Allows Bank Service Representatives to Quickly Determine