Question

H&R is a small, local heating and air conditioning business. The local military base is a potential source of growth, and H&R already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. H&R is considering a ________ growth strategy

Answer 1

Answer:

Market development

Explanation:

Market development can be defined as a growth strategy in which an organisation decides to sell off their existing goods to a new set of potential buyers. Market development helps to improve the capability of the market by moving into different unexplored part of the market.

The first step of market development is the creation of a good promotion approach. Organizations have to look for different advertising strategies which will be used to introduce their products into the new market so as to achieve rapid sales of the product.

H&R is considering a market development growth strategy so as to tap into new market segments.