A strategy where a firm tries to expand the market and move to a new market with existing product is called? A) Market development B) Diversification C) Product development D) Market Penetration Related MCQs: …… is a strategy that focuses on offering the cheapest product in the market? A shopkeeper raises the price of a cycle by 5 percent above the market price and charges 12 percent sales tax on the market price. As a result, a customer has to pay Rs. 4680 for the cycle. What is the market price of the cycle? A service firm may have an additional segment of the marketing mix: Main Instrument of the money market is: