Business Studies

When an entrepreneur introduces a new product or service to meet the need of old market it is called _________.


ANSWER

Diversification


SOLUTION
Diversification is a corporate strategy to enter into a new market or industry in which the business doesn't currently operate, while also creating a new product for that new market. This is the most risky section of the Ansoff Matrix, as the business has no experience in the new market and does not know if the product is going to be successful.

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Single Correct Medium Published on 18th 08, 2020
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