In the context of Ansoff's Product Market Growth Matrix, identify reason for the type of growth strategies followed in the following cases: (iv) A renowned auto manufacturing company lauches ungeared scooters in the mark

(iv) Product Development: In product development, businesses continue to focus on the needs of existing customer base and also the widen customer market they represent but they seek to understand their underlying needs so they can see opportunities for new products A renowned auto manufacturing company launches ungeared scooters in the market. It refers to a growth strategy where a business aims to introduce new products into existing markets.