When Sunshine Inc., a cosmetics manufacturer, introduced an additional line of perfumes, the response from its existing customers was good. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________ strategy.
The given scenario is an example of "Product Development".
Explanation:
This seems to be a technique focused on the development of innovative products or maybe even the alteration of existing commodities so that they look expensive as well as sell such goods to current or previous customers.
Usually, these tactics come in even whenever there seems to be no scope for additional opportunities in the established industry for perhaps a business.
