When a Firm Tries to Increase Sales by Offering New

question 306

Multiple Choice

When a firm tries to increase sales by offering new or improved products to its present markets, this is called:

• A) mass marketing.
• B) product development.
• C) market penetration.
• D) diversification.
• E) market development.

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Definitions:

Qualitative

Concerning, measuring, or described by the quality of something rather than its quantity.

Mean

A measure of central tendency that represents the average value of a dataset, obtained by dividing the sum of all the values by the number of values.

Median

The middle value in a data set, which divides it into two equal halves, or the value that occurs at the 50th percentile.

Mode

The value that occurs most frequently in a given data set.