In keeping with its corporate strategy of "building a global luxury accessories business," Ralph Lauren introduced a new line of footwear.In business terms, how would the actions of Ralph Lauren be described?
A) as market penetration
B) as market development
C) as product development
D) as product diversification

Question

Quizplus · Accepted Answer

Ralph Lauren's introduction of a new line of footwear falls under the category of product development, which is one of the four growth strategies outlined in the Ansoff Matrix. This strategy involves creating new products or improving existing ones to target new or existing markets. In this case, Ralph Lauren is expanding its luxury accessories business by adding a new product category – footwear.

In Keeping with Its Corporate Strategy of "Building a Global