Which if the product/market expansion grid strategies is generally considered the least risky?Group of answer choicesMarket devleopmentMarket penetrationDiversificationProduct development
Question
Which if the product/market expansion grid strategies is generally considered the least risky?Group of answer choicesMarket devleopmentMarket penetrationDiversificationProduct development
Solution
Market penetration is generally considered the least risky strategy in the product/market expansion grid. This strategy involves selling more of the current products to the existing customers. It is less risky because the company is already familiar with the product and the market. The company can use various tactics like advertising, lowering prices, or increasing promotional efforts to increase market share.
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