Question

A firm's decision to identify and develop new markets for existing products is a ________ strategy.

Answer 1

Market Development

Step-by-step explanation:

A firm's decision to identify and develop new markets for existing products is a Market Development strategy.

Answer 2

The answer to the given statement above is MARKET DEVELOPMENT strategy. From the term itself, this is the initial process in establishing a certain market. What happens in market development is that a new market segment is being identified and developed first for the current products. The main focus of market development is the new customers as well as those non-buying customers.