A _____ Strategy Focuses on Developing Entirely New Products for New

question 36

Multiple Choice

A _____ strategy focuses on developing entirely new products for new markets.

• A) market penetration
• B) market development
• C) product development
• D) product diversification

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Definitions:

Lemon Crop

The production output of lemons within a particular period.

Consumer Surplus

The differential between the financial amount consumers are willing to allocate for a product or service and the actual payment made.

Price Floor

A government-imposed minimum price charged on goods and services, set above the equilibrium price to prevent market prices from falling too low.

Consumer Surplus

The discrepancy between consumer willingness to pay a total amount for a product or service and the amount they really do pay.