Asked by Joselyne Saldaña Gonzalez on Jun 15, 2024
Verified
A firm that uses a diversification strategy to sell a new product that is related to its core business would most likely benefit from ________.
A) economies of scale
B) viral marketing
C) brand recognition
D) price protection
Diversification Strategy
A growth strategy where a business enters into a new market or industry which it is not currently in, while also creating a new product for that new market.
Brand Recognition
Brand recognition is the extent to which consumers can correctly identify a brand through its visual indicators like logos, colors, packaging, or advertising, without the brand name being mentioned.
Viral Marketing
Marketing techniques that use social networks to produce increases in brand awareness or sales through self-replicating viral processes.
- Identify the benefits of diversification strategies in business.
- Distinguish among diverse concepts and approaches including by-product synergy, brand awareness, and the contrast between economies of scale and economies of scope.
Verified Answer
Jun 16, 2024
Learning Objectives
- Identify the benefits of diversification strategies in business.
- Distinguish among diverse concepts and approaches including by-product synergy, brand awareness, and the contrast between economies of scale and economies of scope.
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