Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

Question

Quizplus · Accepted Answer

Market penetration refers to a growth strategy in which a company tries to increase its market share in its existing market by selling more of its current products or services. In this case, Phoenix coffee shop chain opened 400 new stores to cater to its increasing number of patrons, which indicates a focus on expanding its customer base within the existing market. Therefore, the best answer is D) market penetration.
Product differentiation is a strategy that focuses on making a product or service appear unique and different from competitors. Product development refers to creating new products or services to offer to customers. Diversification involves expanding a business into new markets or products that are different from the company's current offerings. Market segmentation is a strategy of dividing a market into smaller groups of customers with similar needs or characteristics and targeting them with specific marketing efforts. None of these strategies accurately reflect the situation described in the question.

Phoenix, a Popular Coffee Shop Chain in North America, Recently