A strategy that seeks to reap the initially high profits associated with customer acceptance of new or greatly improved product refers to

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The strategy described refers to innovation, which involves introducing a new or improved product that satisfies customer needs and generates high profits through customer acceptance. Joint ventures and conglomerate diversification involve collaboration with other companies or entering new industries, while horizontal integration involves acquiring competitors to increase market share. None of these strategies specifically focus on reaping high profits from new products.

A Strategy That Seeks to Reap the Initially High Profits