Question

How does product development achieve company growth?

a. By offering modified or new products to current market segments
b. By identifying and developing new market segments for current company products
c. By increasing sales of current products to current market segments without changing the product
d. By starting up or acquiring businesses outside the company's current products and markets

Answer 1

Product development achieves company growth by offering modified or new products to current market segments, identifying and developing new market segments, and starting up or acquiring businesses outside the company's current products and markets.

Step-by-step explanation:

Product development can help achieve company growth in several ways:

1. Offering modified or new products to current market segments: By developing and introducing modified or new products to current market segments, a company can attract and retain customers, increase sales, and ultimately achieve growth.
2. Identifying and developing new market segments for current company products: By identifying untapped customer segments and adapting existing products to meet their needs, a company can expand its customer base and generate new revenue streams.
3. Starting up or acquiring businesses outside the company's current products and markets: By venturing into new markets or acquiring businesses outside its current offerings, a company can diversify its product portfolio, reach new customers, and drive growth.