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    Question

    If a bank launches a new product in a completely new

    geographic region, it is practicing:
    A Market penetration Correct Answer Incorrect Answer
    B Product development Correct Answer Incorrect Answer
    C Market development Correct Answer Incorrect Answer
    D Diversification Correct Answer Incorrect Answer
    E Harvesting Correct Answer Incorrect Answer

    Solution

    Market development involves entering new markets with existing products. Why Other Options Are Incorrect тАв A: Existing market. тАв B: New product for existing market. тАв D: New product + new market. тАв E: Profit extraction in decline stage. Banking Example: Expanding existing savings account product to new states.

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