Question

She has decided to use some of her profits to open a furniture store specializing in furniture made from sustainably sourced wood. This is an example of the _____________ growth strategy? Select one: a. Market development b. Custom c. Market penetration d. Product development e. Diversification Clear my choice

Answer 1

This is an example of market development growth.

What is market development?

• Market segmentation for existing products is identified and developed as part of a growth plan.
• A development plan focuses on non-buying clients in the segments that are already targeted.
• Additionally, it aims to reach fresh markets of clients.

What is custom?

• A custom is a long-standing behavior of an individual or group (such as a daily routine) (such as a cultural practice).
• When used as an adjective, custom designates something created to specific requirements, especially something distinctive.
• Custom-made is a synonym for it.

What is market penetration?

• When a product or service is successfully sold in a particular market, this is referred to as market penetration.
• The sales volume of an existing good or service in relation to the overall target market for that good or service is used to measure it.

What is product development?

• New product development in business and engineering refers to the entire process of launching a brand-new product, updating an already-available product, or launching a product in a new market.
• Product design, along with many commercial factors, is a key component of NPD.

What is diversification?

• Diversification in finance refers to the process of allocating capital in a way that limits exposure to any one specific asset or risk.
• Investing in a variety of assets can help lower risk or volatility, which is a frequent step towards diversification.

Therefore, this is an example of market development growth.

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