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Which of the following businesses best exemplifies the market development strategy?
The electronics company kept selling the same product, its cd player, but changed the market it was trying to sell it to (from teenagers to an older audience).
The car company began selling a new product (family cars) to a new market (less affluent).
Although the clothing company changed its advertising strategy, it kept selling the existing product (evening wear) to its existing market (same demographic).
The computer company changed both its product and its target market.
The restaurant sold a new product, its late-night menu, to its existing market. We are looking for an example of a company that sells its existing product to a new market.