In the Ansoff matrix, introducing a new product to a firm's existing market is called:
Correct answer: C. Product development
- A. Market penetration
- B. Market development
- C. Product development
- D. Diversification
Explanation
Product development means offering a new or substantially improved product to an existing customer market. Market penetration uses existing products in existing markets, while diversification combines a new product with a new market.
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