What Are the Key Differences Between Market Penetration and Product

question 29

Multiple Choice

What are the key differences between market penetration and product development?

• A)Market penetration focuses on current products to existing markets,while product development focuses on new products to existing markets.
• B)Market penetration focuses on current products to new markets,while product development focuses on new products to existing markets.
• C)Market penetration focuses on new products to existing markets,while product development focuses on new products to new markets.
• D)Market penetration focuses on new products to new markets,while product development focuses on new products to existing markets.
• E)Market penetration focuses on market development,while product development focuses on diversification.

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Definitions:

Future Impact

The potential effects or consequences of actions, decisions, or events on the future.

Efficiency Wages

The theory that employers may pay wages above the market rate to increase worker productivity, reduce turnover, and encourage loyalty.

Employee Turnover

The rate at which employees leave a workforce and are replaced by new employees.

Job Specification

A job specification focuses on the individual who will perform the job and indicates the knowledge, abilities, skills, and other characteristics that an individual must have to be able to perform the job.