Using a Market Development Strategy, a Company Can Develop New

question 66

True/False

Using a market development strategy, a company can develop new products for existing markets or develop new products for new markets.

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Definitions:

Self-employed Service Business

A self-employed service business is operated by an individual who provides services, rather than goods, directly to customers on a freelance or contract basis.

New Product

An item that is introduced in the market for the first time or a significantly improved or modified version of an existing product.

Large-scale Success

Significant achievement, often by a company or individual, that typically has widespread recognition or impact.

Entrepreneurial Success

The achievement of desired business outcomes by an entrepreneur, often characterized by business growth, profitability, and sustainable competitive advantage.