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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 β€’ A: Existing market. β€’ B: New product for existing market. β€’ D: New product + new market. β€’ E: Profit extraction in decline stage. Banking Example: Expanding existing savings account product to new states.

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