When a firm introduces new product to a market in which it is well established it is called
A)Diversification
B)Product development
C)Market penetration
D)Test marketing

Question

Quizplus · Accepted Answer

Product development is the process of introducing a new product to an existing market where the firm is already established. This strategy is used to grow by selling new products to current customers or to new segments within the market the firm already operates in.

When a Firm Introduces New Product to a Market in Which