In the context of Ansoff's Product Market Growth Matrix, identify reason for the type of growth strategies followed in the following cases: (iii) One of India's premier utility vehicle manufacturing company ventures to f

(iii) Market Development: One of the options suggested by Ansoff is to take the current products and find new markets for them. Entering new geographic markets by moving from local to regional to national and finally international. This may require the business to acquire new capabilities including exporting, understanding different cultures and language skills. One of India's premier utility vehicle manufacturing company ventures to foray into foreign markets. It refers to a growth strategy where the business seeks to sell its existing products into new markets.