Which of the following is a key difference between a market development strategy and a diversification strategy?

Multiple Choice

• Diversification occurs when a new product is offered in an existing market, whereas market development takes place when an existing product is offered in a new market.
• Diversification involves low levels of risk, whereas market development is characterized by high levels of risk.
• Diversification involves the development of a new product, whereas market development uses an existing product.
• Diversification offers products in a new market, whereas market development involves offering a product in the existing market.
• Diversification involves offering a product in the existing market, whereas market development offers products in a new market.