When an entrepreneur introduces a new product or service to meet the need of old market it is called ________.

Allocation of new source

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Product development

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Diversification

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Market expansion

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C Diversification
Diversification is the term which usually used to mean the introduction of a new product or service to meet the need of an old market. Diversification is an expansion of the range of product. Offerings of an existing product or service in a new market; a new product in to an established market and a new product in a new market.

Suggest Corrections

Similar questions

Identification of business opportunity refers to producing a new product or service only.

Conversion of an object as a product and economical value of such service or activity that may trade in market is called ___________.

Join BYJU'S Learning Program