I guess the correct answer is Product development
3M involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. 3M is pursuing a Product development growth strategy.
Answer:
The options for this question are the following:
a. product development
b. diversification
c. product penetration
d. market penetration
e. market development
The correct answer is a. product development
Explanation:
Product development is the name given to a growth strategy where the business goal is to introduce new products in existing markets. This strategy may require the development of new capabilities and it is necessary for the business to produce new products or modify existing ones to meet unmet needs of the current market.
The levers used in this strategy are research and development, product policy and segmentation analysis.
