When Starbucks announced that it would release a new single-serve Verismo high-pressure brewing machine in its U.S. outlets, it was using a __________ strategy.
A)product development
B)market development
C)market penetration
D)diversification
E)market saturation

Question

Quizplus · Accepted Answer

Product development is the strategy of introducing new products or modifying existing products to cater to existing markets. With the release of a new Verismo machine, Starbucks is introducing a new product to its existing market of coffee drinkers who visit its outlets. This strategy aims to increase sales and revenue by attracting more customers and encouraging existing customers to buy more of their products.

When Starbucks Announced That It Would Release a New Single-Serve