What marketing strategy focuses on attracting new customers to existing products?

What marketing strategy focuses on attracting new customers to existing products?

• A. Market Penetration
• B. Market Development
• C. Product Development
• D. Diversification

Answer: (B)

The correct answer is that market development focuses on attracting new customers to existing products. This strategy involves expanding the market reach by targeting new customer segments or geographical areas in order to sell the current offerings. The goal is to increase sales by introducing the existing product to new markets rather than developing new products or enhancing the current ones. Market penetration focuses on increasing market share within existing markets using techniques like pricing strategies, promotions, and improving customer relationships, without necessarily reaching out to new customer bases. Product development involves creating new products to serve existing markets, which does not directly relate to acquiring new customers for existing products. Diversification entails entering new markets with new products entirely, which is distinct from merely reaching more customers with what is already available. Thus, market development is the strategy exclusively aimed at attracting new customers to existing products.

The correct answer is that market development focuses on attracting new customers to existing products. This strategy involves expanding the market reach by targeting new customer segments or geographical areas in order to sell the current offerings. The goal is to increase sales by introducing the existing product to new markets rather than developing new products or enhancing the current ones.

Market penetration focuses on increasing market share within existing markets using techniques like pricing strategies, promotions, and improving customer relationships, without necessarily reaching out to new customer bases. Product development involves creating new products to serve existing markets, which does not directly relate to acquiring new customers for existing products. Diversification entails entering new markets with new products entirely, which is distinct from merely reaching more customers with what is already available. Thus, market development is the strategy exclusively aimed at attracting new customers to existing products.