Lvmh a maker of luxury goods has expanded its

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64. LVMH, a maker of luxury-goods, has expanded its products offerings into China, Russia, India and the Middle East. This exemplifies a _____ strategy. a. market development b. product development c. market penetration d. diversification e. product expansion ANS: A Market development is the introduction and sale of present products to new markets. PTS: 1 REF: 22 OBJ: 02-6 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Strategy 65. _____ is a strategy that creates new products for present markets. PTS: 1 REF: 22 OBJ: 02-6 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Strategy 66. Kraft introduced Philadelphia Ready-to-eat Cheesecake Filling for those who do not have time to make cheesecake in the traditional manner. This is an example of a _____ strategy.
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PTS: 1 REF: 22 OBJ: 02-6 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Strategy 67. The marketing of organic cotton tees for Life is Good’s existing customers would be an example of a _____ strategy. PTS: 1 REF: 22 OBJ: 02-6 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Strategy 68. Clay Market began as a retailer of terra cotta pots and garden figures imported from Turkey and Mex- ico. It has since added Turkish rugs and fabrics, leather trimmed purses, and a line of women's clothes for its customers. These activities are indicative of a _____ strategy. a. vertical integration b. market penetration c. diversification d. product development e. market development ANS: D Product development stimulates new sales to existing markets. Since the question states the items are for the firm’s customers, they are aimed at existing markets (buyers). PTS: 1 REF: 22 OBJ: 02-6 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Strategy 69. The Hallmark Company was inspired by the popularity of Jan Karon's best-selling novels about Mit- ford, a fictional town in the mountains of North Carolina, to develop a new line of products for Hall- mark Gold Crown Stores nationwide. Hallmark created hundreds of Mitford-inspired products that au- thentically bring "the little town with the big heart" into tangible reality. The products include greeting cards, partyware and gift wrap, mugs, and puzzles for Hallmark's existing customers. Hallmark used a _____ strategy.
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