When Cadillac added a new sport utility vehicle called Escalade to the "luxury-oriented" selection at its existing dealers, it was seeking "market development" opportunities.

Question

Quizplus · Accepted Answer

Cadillac adding a new sport utility vehicle (Escalade) to its existing luxury-oriented selection is an example of "product development" strategy, not market development. Product development involves introducing new products to the existing market to attract more customers or meet broader needs within that market.

When Cadillac Added a New Sport Utility Vehicle Called Escalade