Which of the following statements best defines market development?
A) The introduction of new products for existing customers to exploit customer loyalty
B) The use of existing products to enter new markets or new segments of existing markets
C) The growth of market share by intensive advertising and sales promotions
D) The emergence of new market segments that the firm might target if resources allow

Question

Quizplus · Accepted Answer

Market development involves using existing products to enter new markets or new segments of existing markets, aiming to expand the customer base.

Which of the Following Statements Best Defines Market Development