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Question: Identify and briefly describe each of the newproduct development strategies. The success of a new product can result from four product development strategies:

(1) market penetration, in which a company seeks to increase sales of an existing product in an existing market;

(2) market development, which concentrates on finding new markets for existing products;

(3) product development, the introduction of new products into identifiable or established markets; and

(4) product diversification, which focuses on developing entirely new products for new markets.

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Management Theories, Management Studies

Category:- Management Theories
Reference No.:- M92268239

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