Multiple Choice
When economists say that money serves as a medium of exchange, they mean that it is:
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0. Basic Principles of Economics
Introduction to Economics
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
A market development strategy can be defined as selling ______.
A
existing products in new markets
B
new products in existing markets
C
existing products in existing markets
D
new products in new markets
Verified step by step guidance1
Understand the concept of a market development strategy in microeconomics and marketing. It involves expanding the reach of a company's current products by targeting new customer segments or geographical areas.
Recall the Ansoff Matrix, a strategic tool that categorizes growth strategies into four types: market penetration, market development, product development, and diversification.
Identify that market penetration means selling existing products in existing markets, product development means selling new products in existing markets, and diversification means new products in new markets.
Recognize that market development specifically refers to selling existing products in new markets, which could be new geographical areas or new customer segments.
Conclude that the correct definition of a market development strategy is selling existing products in new markets.
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