Most banks now have customer relationship software that,when a customer contacts the bank,tells the service representative what types of accounts,loans,and credit cards the customer currently has.Service representatives use this information to sell some of the other services the bank currently offers to these customers.This is a ___________________ growth strategy.
A) product proliferation
B) market development
C) market penetration
D) diversification
E) product development

Question

Quizplus · Accepted Answer

This is an example of market penetration, which involves selling more of the company's current products/services to their current customers. The bank is using the information they have on their customers to offer additional services they may be interested in. Product proliferation, product development, and diversification all involve creating or introducing new products/services into the market, while market development involves expanding into new markets or customer segments.

Most Banks Now Have Customer Relationship Software That,when a Customer