Final answer:
Sony's launch of its PlayStation consoles is an example of a product development strategy, aiming for market growth through innovation and technology within the existing market.
Step-by-step explanation:
Sony's launches of PlayStation 2, then PS3, then PS4, is an example of a product development strategy. This strategy falls under the category of intensive growth strategies, which are approaches businesses use to achieve growth within the current markets and products. Sony, by introducing advanced versions of its PlayStation consoles, aimed to harness its capabilities in technology and game development to increase market share and customer loyalty without deviating from its established market.
Each new console brought enhanced graphics, better performance, more sophisticated game titles, and often innovative features, like the introduction of Blu-ray technology with the PS3. By focusing on product development, Sony leveraged its core competencies by evolving and improving its well-known line of products. The success of each PlayStation launch demonstrates the effectiveness of Sony's chosen concentration strategy in nurturing brand strength and pushing the boundaries of gaming technology, thereby maintaining their competitive advantage within the video game industry.