Question

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________. Group of answer choices product differentiation product development diversification market penetration market segmentation

Answer 1

Answer: market penetration

Explanation: In order to carter to its rapidly increasing number of patrons, Phoenix is engaging in market penetration by opening 400 stores to this effect. Market penetration is simply defined as a process of increasing or making more sales to current customers of an organisation without changing or modifying the products of the organisation.