Market Penetration-
What is it?-Firm tries to gain more of its existing market. May do it by cutting price/ Launch new advert campaign.
Why is it important?- Encourages sales, expand business, make more well known, more income, increase market share
Market Development-
What is it?-Firm sells existing product in new market. Could be new segment/ geographically.
Why is it important?- Expand business growth, make more well known, more customers, new market.
New Product Development-
What is it?-To develop new products to sell to existing customers. Can be modification of existing product/ completely new one.
Why is it important?- Expand business growth, more products to expand.
Diversification-
What is it?- When firm offers new product in new market. Doesn't mean the product/ market doesn't exist before just firm hasn't been involved in that area, aka no experience
Why is it important?-Expand business growth, new product so new market however risky, big expansion.
BUSINESSES WILL USE THESE STRATEGIES AT DIFFERENT TIMES. EACH WILL BE USED AT ONE POINT.
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