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Question
The strategy of introducing new product in existing market is classified as ______.
Options
Market development
Market Penetration
Product development
Diversification
Solution
The strategy of introducing new product in existing market is classified as Product development.
Explanation:
Product development involves creating new products to serve existing markets. This strategy focuses on innovation and improvement to meet the evolving needs of the current customer base, thereby increasing market share and competitiveness.
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