In the hypothetical quarter 7 there was an option where your team could have a w

Question

In the hypothetical quarter 7 there was an option where your team could have a website. One of the options you could purchase was a "Share it!" button on the website. This button encourages a customer to post a link to a product page (perhaps showing a new style of jeans) on Facebook or Twitter. Your team's goal would be that the customer's friends (who are probably very much like current customers) will click the link, visit the page, and make purchases. This is an example of a ______ growth strategy(hint: use book as reference).

Explanation / Answer

The correct answer is "market development".

Market development growth strategy is nothing but the strategy where the existing products are sold in new markets. This can be done by marketing products in new geographic market, using new packaging, new distribution channels, or using different pricing for creation of new market segment.

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