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Most Businesses Today Produce Both Products and Services That Provide

question 30

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Most businesses today produce both products and services that provide ____, which gives the company a competitive advantage.


Definitions:

Diversification

A risk management strategy that mixes a wide variety of investments within a portfolio.

Product Development

The creation of new products or the improvement of existing ones, involving idea generation, design, testing, and commercialization processes.

Market Penetration

An indicator of the total sales or use of a product or service relative to the maximum potential market for that product or service.

Market Development

Strategies or activities aimed at finding new markets or expanding existing ones for a product or service.

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