To capture new or evolving markets, a firm (increases/decreases) breadth to compete in new product areas.

In the long run, firms in a competitive market will tend to:a) Produce at the point of minimum average variable costb) Achieve economies of scopec) Earn normal profitsd) Create artificial barriers to entry for new firms

In the context of the Market Expansion Grid, what is a characteristic of the "product development" strategy?Group of answer choicesCreating new products for new marketsSelling existing products in new marketsSelling existing products in existing marketsCreating new products for existing markets

Firms aim to grow so that they can maximise profits in the long run through .

2) Companies expand and enter international markets to gain market share, maintain a sustainable competitive advantage over rivals and competitors, invest in research and development along with new product introduction, and alleviate the effects of intense competition and saturation faced in their home markets

Which growth strategy is being used when a firm introduces a new product or service to a market segment that is currently not served by the firm?Multiple Choiceproduct developmentmarket developmentmarket penetrationdiversificationdemarketing