The ________ strategy focuses on selling the firm's existing products to new groups of customers.
A) penetration
B) market development
C) product development
D) diversification

Question

Quizplus · Accepted Answer

Market development strategy involves finding new groups of customers who might be interested in the existing products of the firm. This can be achieved through expanding to new geographic locations, targeting different demographic groups or finding new uses for the products in the current market. Penetration strategy, on the other hand, focuses on increasing sales of existing products in the current market. Product development strategy involves creating new products for the existing market, while diversification strategy involves entering new markets with new products.

The ________ Strategy Focuses on Selling the Firm's Existing Products