3: Product Development
Introduce new products into existing markets. Other Information:
Product development is the name given to a growth strategy where a business aims to introduce new products into existing markets.
This strategy may require the development of new competencies and requires the business to develop modified products which
can appeal to existing markets. A strategy of product development is particularly suitable for a business where the product
needs to be differentiated in order to remain competitive. A successful product development strategy places the marketing
emphasis on:
Objective(s):
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