Question

Logan is an entrepreneur and president of his own company that makes a new software product that manages benefits administration for large multinational corporations. His start-up company grew quickly to a team of about 25. A new federal law recently passed by Congress will cause small-business owners to invest in software like his to manage employee healthcare. Logan announces that the company will be investing in training for employees to better understand small-business owners and research and development (R D) to create a small-business version of the software. This is an example of:

1) Market research
2) Product development
3) Strategic planning
4) Diversification

Answer 1

The correct answer is option 2) Product development

Step-by-step explanation:

The announcement made by Logan, the entrepreneur and president of his own company, to invest in training for employees to better understand small-business owners and research and development (R&D) to create a small-business version of the software, is an example of product development.

Product development is the process of creating and improving products to meet the needs and preferences of customers. In this case, Logan's company is investing in developing a new version of their software specifically for small-business owners in response to a recent federal law.