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3M involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. 3M is pursuing a __________ growth strategy.

A. diversification B. market development C. market penetration D. product development E. product penetration While some of the new products may attract new markets (which would represent diversification), the initiative described is aimed primarily at developing new products to serve current customers, and so represents a product development strategy.

AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-07 Describe how firms grow their business. Topic: Growth Strategies

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