Commercial Applications
The strategy of introducing new product in existing market is classified as
- Market development
- Market Penetration
- Product development
- Diversification
Answer
Product development
Reason — Product development refers to the strategy of introducing a new product in an existing market. Market penetration involves selling existing products to existing markets, market development involves selling existing products in new markets, and diversification involves new products in new markets.
Related Questions
Which element of the marketing mix is most directly affected by the change illustrated in the image below?
- Product
- Promotion
- Place
- Price
In declining stage of PLC, which tool would be more preferred?
- Sales promotion
- Personal selling
- Advertising
- Publicity
Statement 1: A product in the growth stage of its life cycle typically has low competition and high prices.
Statement 2: The maturity stage is characterized by intense competition and product differentiation.
Which of the following is correct?
- Only Statement 1 is correct.
- Only Statement 2 is correct.
- Both statements are correct.
- Both statements are incorrect.
Markup pricing is also called as
- Cost pricing
- Marginal priced
- Cost plus pricing
- Cost based pricing