Question

3M involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. 3M is pursuing a ________ growth strategy.a) product developmentb) diversificationc) product penetrationd) market penetratione) market development

Answer 1

The correct answer is a) product development.

Step-by-step explanation:

The development of a new product is carried out in the field of business, engineering and design, it is the complete process of creating and bringing a new product to the market. There are two parallel aspects that are involved in this process: one implies product engineering; The other, market analysis. Marketing managers consider the development of a new product as the first step in managing the product life cycle.