Answer :
The correct option is c. Introducing the milder roasted coffee" the Blonde Roast".
To understand why option c is the correct answer, let's define what a product development strategy is and then apply this definition to each of the options provided:
A product development strategy involves creating new products or modifying existing products to meet the changing needs of the market or to enter new markets. It is about innovation and improvement to enhance the product offerings of a company.
Now, let's evaluate each option:
a. Introducing a Starbucks Rewards loyalty programme in 2020: This is an example of a marketing strategy aimed at retaining customers and increasing customer loyalty, rather than a product development strategy.
b. Growing the business and opening 12 Starbucks stores: This option represents market expansion or growth strategy, where the company is increasing its market presence by opening more outlets. It does not involve the development of new products or services.
c. Introducing the milder roasted coffee – the Blonde Roast: This is a clear example of a product development strategy. By introducing a new type of coffee roast, Taste Holdings is expanding its product line to cater to different consumer preferences, which is a core aspect of product development.
d. In 2019, Taste Holdings, also restructured their operations to eliminate inefficiencies: This is a corporate restructuring strategy aimed at improving operational efficiency and cost management. It does not directly involve the creation or modification of products.
Therefore, the introduction of the Blonde Roast coffee by Taste Holdings is a product development strategy because it involves the creation of a new product variant to appeal to a broader customer base or to satisfy evolving consumer tastes. This aligns with the definition of a product development strategy as it is a form of innovation within the company's product offerings.
Taste Holdings followed a product development strategy by introducing the Blonde Roast coffee. Therefore, the correct option is c).
Taste Holdings introducing the milder roasted coffee – the Blonde Roast is an example of a product development strategy they followed. By expanding their coffee options and catering to different customer tastes, they are innovating and enhancing their product offerings.
