Asked by Bilal Saeed on Sep 28, 2024
Verified
Which growth strategy is most likely being used by a firm selling new products to existing markets?
A) diversification
B) market penetration
C) market development
D) product development
Growth Strategy
A growth strategy is a plan of action designed to increase the size and scope of a business, by expanding its market reach, product portfolio, or operations.
Market Penetration
A measure of the extent to which a product or service is recognized and purchased by customers within a specific market.
Product Development
The creation of new or improved products or services to meet market demands, involving design, development, and marketing stages.
- Discern and discriminate between several strategies for growth, such as product enhancement, deepening market penetration, expanding market reach, and broadening the portfolio through diversification.
Verified Answer
Learning Objectives
- Discern and discriminate between several strategies for growth, such as product enhancement, deepening market penetration, expanding market reach, and broadening the portfolio through diversification.
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