Ask Question
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?

+4
Answers (1)
  1. 26 December, 13:06
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers