A food chain restaurant that has operated in the United States for the past 15 years, has decided to expand its services to Canada. What strategy is it following?

Question

Cornelius Patrick

Social Studies

31 July, 07:16

A food chain restaurant that has operated in the United States for the past 15 years, has decided to expand its services to Canada. What strategy is it following?

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Answers (1)

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Tristian Mueller · Answer 1

Market development

Explanation:

Market development is a business strategy in which an organization tries to promote an existing product to a new consumer segment. It is a is a product-market strategy that introduces an organization's products to markets other than those it currently serves. It mains characteristics includes attracting your competitors' customers, advertising, attract nonusers to buy your products, expanding geographically, etc.