When a firm tries to increase sales by offering new or improved products to its present markets, this is called:

Question

Quizplus · Accepted Answer

Product development involves introducing new products or improving existing ones to increase sales in current markets. Mass marketing refers to a strategy of trying to appeal to a large, undifferentiated group of consumers, while market penetration involves increasing market share by selling more of existing products to existing customers. Diversification involves expanding into new businesses or markets, and market development involves finding new markets for existing products.

When a Firm Tries to Increase Sales by Offering New