Paramount Electronics Inc.manufactures electronic measuring tools.The company invents a new type of multimeter, an electronic measuring instrument, and introduces the product to its current customers.Which of the following strategies does Paramount employ in this scenario?
A)Product development
B)Market development
C)Diversification
D)Market penetration
E)Product intensification

Question

Quizplus · Accepted Answer

Product development strategy is used when a company introduces a new product to its existing market. In this scenario, Paramount Electronics Inc. is introducing a new type of multimeter, which is a new product, to its current customers, fitting the definition of product development.