Elysian Events,a Wedding Planning Company,noted How Many Couples Had a Wedding

question 30

Multiple Choice

Elysian Events,a wedding planning company,noted how many couples had a wedding catastrophe of some kind.As a result,it abandoned wedding planning and began offering wedding insurance to protect couples from financial losses due to weather emergencies,stolen wedding rings,damaged wedding dresses,etc.Elysian Events is using a _____ growth strategy.

• A) Share building
• B) Market development
• C) Service development
• D) Diversification
• E) Market integration

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Definitions:

Chance

The occurrence of events in the absence of any cause or pattern, often described in terms of probability.

Likelihood

In statistics, the probability of a set of parameters given a specific outcome; used in maximum likelihood estimation.

Subjective Probability

An individual's personal and subjective assessment of the likelihood of an event occurring, based on their own knowledge and judgment rather than on statistical analysis.

Personal Judgment

Personal Judgment involves making decisions or forming opinions based on individual assessment and intuition, rather than solely on data.