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Asked by Adecel Rusty on Jul 14, 2024

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A strategy of product development requires more resources than a strategy of market penetration.

Product Development

Product development is the process of bringing a new product to market, including the conception, design, and manufacture of products that meet consumer needs and preferences.

Market Penetration

A measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service.

More Resources

Refers to an increase in the availability of materials, finances, or other assets that are necessary for achieving objectives or completing tasks.

  • Acquire knowledge on the variance between several growth tactics: market penetration, market development, product development, and diversification.
  • Examine and compare the effectiveness and resource demands of various expansion tactics.
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Gabby RevellJul 16, 2024
Final Answer :
True
Explanation :
Product development involves creating new products or significantly improving existing ones, which often requires significant investments of time, money, and other resources. In contrast, market penetration strategies focus on increasing sales of existing products in existing markets and may not require as much investment in research and development or other resources.

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