Nike offers a new version of a running shoe to an established shoe market; this product strategy is known as:
A)market penetration
B)market development
C)product development
D)diversification

Question

Quizplus · Accepted Answer

Product development is when a company creates new or improved products to sell to its existing market. In this case, Nike is offering a new version of a running shoe to an established shoe market, which aligns with the product development strategy. Market penetration involves selling more of the same products to the existing market, market development involves selling existing products to new markets, and diversification involves creating new products and selling them in new markets.

Nike Offers a New Version of a Running Shoe to an Established