A popular television channel ropes in a celebrity to make a guest appearance in one of the episodes of a popular talk show. The intention of this initiative is to attract new viewers toward watching the talk show. The talk show's producer believes that it also helps in increasing the market share of the network that airs the show. This scenario is an example of _____ strategy.

Question

Quizplus · Accepted Answer

The scenario described in the question is an example of market development strategy, which involves promoting existing products or services to new markets or new customer segments. In this case, the talk show's producer is trying to attract new viewers to the show by featuring a celebrity guest, which can help increase the market share of the network. Product development strategy involves creating new products or services for existing markets, while market saturation strategy involves trying to increase sales in existing markets by maximizing penetration. Diversification strategy involves entering new markets with new products or services.

A Popular Television Channel Ropes in a Celebrity to Make