Question: Identify and briefly describe each of the newproduct development strategies. The success of a new product can result from four product development strategies:
(1) market penetration, in which a company seeks to increase sales of an existing product in an existing market;
(2) market development, which concentrates on finding new markets for existing products;
(3) product development, the introduction of new products into identifiable or established markets; and
(4) product diversification, which focuses on developing entirely new products for new markets.