What kind of new product strategy is being used when an automobile manufacturer introduces a new car model to replace an existing one?
A) Market development
B) Product development
C) Market diversification
D) Market penetration

Question

What kind of new product strategy is being used when an automobile manufacturer introduces a new car model to replace an existing one? 
A) Market development
B) Product development
C) Market diversification
D) Market penetration

Quizplus · Accepted Answer

The growth vector matrix indicates the direction in which the organization is moving with respect to its current products and markets. Product development refers to creating new products to replace existing ones.

What Kind of New Product Strategy Is Being Used When