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26 December, 12:00

Which growth strategy is being used when a firm introduces a new product or service to a market segment that is currently not served by the firm?

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  1. 26 December, 13:06
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    Answer: The answer to this question is Diversification strategy

    Explanation

    Diversification occurs when an organisation starts producing a product or rendering services that is entirely different from what it is known for.

    An organisation might choose to diversify in other to gain more market share, increase economies of scale or reduce risk factor involved in producing one type of product or rendering one type of service.

    Example.

    If firm XYZ which produces cements for building houses decides to start producing electronics using the same brand name, we can conclude that the firm has diversified its means of production
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