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Question

Which strategy involves the substantial modification of existing products or the creation of new but related products that can be marketed to current customers through established channels?

A
Product Development
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B
Market Penetration
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C
Diversification
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D
Market Development
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Solution

The correct option is A Product Development
Product development strategy involves the substantial modification of existing products or the creation of new but related products that can be marketed to current customers through established channels. It helps in the process of expansion of the existing business. Product development strategy can be defined as a process of bringing a new innovation to consumers from concept to testing through distribution.

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