When a firm takes existing products and attempts to sell them to new markets, this growth strategy is considered: A. Market development B. Market penetration C. Product development D. Diversification

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27-11-2019
Business

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When a firm takes existing products and attempts to sell them to new markets, this growth strategy is considered: A. Market development B. Market penetration C. Product development D. Diversification

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oreoluwa2001ng oreoluwa2001ng · Answer 1 · 2019-11-27T14:40:53+01:00

Answer: A - Market development

Explanation: Marketing development is a marketing strategy used by businesses to penetrate new markets with their products.

There are different types of market development and they are:

1. Price: new prices are offered for the product to attract new customers/consumers to the product thereby increasing income.

2. Distribution: The distribution of the product through new channel will aid the development of the product in the new market.

3. Product development: the development of a new product will help penetrate the new market as the product is new and customers might like to try it out.