Under the Ansoff matrix, selling an existing product in a new market is known as:
Correct answer: B. Market development
- A. Market penetration
- B. Market development
- C. Product development
- D. Diversification
Explanation
Market development means taking an existing product into a new customer group, geographic area or usage market. Market penetration keeps both the product and market existing, while product development introduces a new product to an existing market.
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