Which growth strategy involves selling existing products in new markets?

Which growth strategy involves selling existing products in new markets?

• A. Market Penetration
• B. Diversification
• C. Market Development
• D. Product Development

Answer: (C)

The main concept being tested is growing sales by taking an existing product into new markets. This aligns with Market Development, which focuses on expanding the reach of current products to new geographic areas, new customer segments, or new distribution channels without changing the product itself. For example, a company might start selling its existing line in another country or target a different age group with the same product. This differs from market penetration, which aims to increase sales of existing products in existing markets (through promotions, better distribution, or price changes). Product development involves creating new products for current markets. Diversification means launching new products in new markets. Since the question specifies selling existing products in new markets, Market Development is the best fit.

The main concept being tested is growing sales by taking an existing product into new markets. This aligns with Market Development, which focuses on expanding the reach of current products to new geographic areas, new customer segments, or new distribution channels without changing the product itself. For example, a company might start selling its existing line in another country or target a different age group with the same product.

This differs from market penetration, which aims to increase sales of existing products in existing markets (through promotions, better distribution, or price changes). Product development involves creating new products for current markets. Diversification means launching new products in new markets. Since the question specifies selling existing products in new markets, Market Development is the best fit.