Asked by Lily Nyarko on May 03, 2024
Verified
Customer relationship software allows bank service representatives to quickly determine which types of accounts, loans, and credit cards a customer currently has. With this information, the service representative can determine what other bank services that same customer could potentially enroll in or purchase. This growth strategy is an example of
A) product proliferation.
B) market development.
C) market penetration.
D) diversification.
E) product development.
Growth Strategy
A plan of action designed by a business to increase its level of operations and competitiveness, aiming for higher profits and market share.
Market Penetration
A strategy aimed at increasing the market share of an existing product or promoting a new product through aggressive marketing techniques.
- Learn about the concept and strategic importance of strategies for expanding markets, encompassing market penetration, product development, market development, and diversification.
Verified Answer
JA
Jamie AllisonMay 05, 2024
Final Answer :
C
Explanation :
Market penetration involves strategies aimed at increasing sales of existing products to an existing customer base. In this scenario, the bank is looking to sell more of its existing services (accounts, loans, credit cards) to current customers, which aligns with the definition of market penetration.
Learning Objectives
- Learn about the concept and strategic importance of strategies for expanding markets, encompassing market penetration, product development, market development, and diversification.
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