When a firm expands into a new product segment, it is known as _____.
A)product recall
B)product diversification
C)monopolization
D)cartelization
E)product divestment

Question

Quizplus · Accepted Answer

Product diversification refers to the expansion of a firm into a new product segment or industry, in contrast to product line extension where a firm adds new products within its existing product line.

When a Firm Expands into a New Product Segment, It