In the context of global marketing,when a company either creates a new product for a market or dramatically changes an existing product,which type of strategy is the company using?
A)product invention
B)product extension
C)market substitution
D)market adaptation

Question

Quizplus · Accepted Answer

Product invention is the type of strategy where a company creates a new product for a market or innovatively changes an existing product to address the needs of a new market. This type of strategy requires significant investment and research and involves higher-risk but potentially higher-reward outcomes. Product extension (B) refers to a strategy where a company extends an existing product to a different market or customer segment. Market substitution (C) is not a recognized strategy, and market adaptation (D) refers to adjusting the marketing mix of an existing product to meet the needs of a new market, rather than inventing a new product.

In the Context of Global Marketing,when a Company Either Creates