Concept explainers
To determine: The four growth strategies.
Introduction: The method used by the company to expand the business in the domestic market and the global market is known as growth strategies. Growth strategies involve the market penetration, product development, market development and diversification.
Answer to Problem 1PC
The four growth strategies of marketing are product development, diversification, market penetration and market development.
Explanation of Solution
The four growth strategies are explained below:
Market penetration: The aim of the market penetration is to increase the number of sales of the current goods and services in the current market to increase the market share. Thus, to increase the market share, a company has to attract its customer to sell the existing product.
Market development: Market development refers to the expansion of the market. The existing product should be sold in the whole country and foreign market along with the households. It means increasing the sales.
Product development: The objective of the product development is to increase the amount of sale to its customer with the aim to increase turnover. The developed product can be obtained by investing in the research and development.
Diversification: Diversification is the major step of the growth strategy in the market. It is a very riskiest strategy. Under the diversification, new goods and service are introduced in the market for the expansion of the market.
Thus, the four growth strategy of the marketing is diversification, market penetration, market development and product development.
Want to see more full solutions like this?
- I need typing clear urjent no chatgpt used i will give 5 upvotes pls full explain with diagramarrow_forward1. Answer the following about podcasting as a new distribution channel of people who do virtual assistance as their business and include references: • How does podcasting as a distribution channel of a virtual assistant increase their market reach, improve customer experience, and is cost-efficient? • How does this align with the overall marketing strategy? Consider product, price, promotion, and place. • What is the probable target audience, and what are their probable age, gender, location, and interests? • Who are the potential participants? Is it wholesalers, retailers, online platforms, or etc.arrow_forwardInstruction: 1. Give one new distribution channels for Virtual Assistance (freelance business) that is not commonly used. - show a chart/diagram to illustrate the flow of the distribution channels. - explain the rationale behind it. (e.g., increased market reach, improved customer experience, cost-efficiency). - connect the given distribution channel to the marketing mix: (How does it align with the overall marketing strategy? Consider product, price, promotion, and place.). - define the target audience: (Age, gender, location, interests, etc.). - lastly, identify potential participants: (Wholesalers, retailers, online platforms, etc.) Kindly provide references.arrow_forward
- Home Depot Marketing and Distribution Strategiesarrow_forwardWrite the best answer in the blank. Here is your word bank: Ego, monetary risk, psychographic, physical risk, demographic, social risk, geographic, functional risk, behavioral, Super Ego, psychological risk, Ikea Effect, Classical Conditioning, Linked Prosperity, Id, J.N.D. Home Depot targets the Professional segment (e.g. contractors, builders etc). They purchase in bulk and generally have specific delivery requirements because of the types of products they purchase. Home Depot uses what basis of segmentation to target their “Pros”: _______________________arrow_forwardThis print ad is targeting a consumer that most likely falls into this Maslow’s Hierarchy of Needs category: a) Self-Actualization b) Physiological Needs c) Love and Belonging d) Safety and Security e) None of the Abovearrow_forward
- Self-image congruence models suggest that we choose products when their attributes match some aspect of the self. Beyonce’s Beehive fan club uses this theory of the self-concept: a) Looking Glass Self b) Influential Self c) Ideal Self d) Extended Self e) None of the abovearrow_forwardAnswer each question below. Use details, specifics, and examples to explain your answer. You should write five sentences at a minimum. Each question is worth 10 points. Question: According to the video watched in class, explain how Ben & Jerry’s use activism to build their brand.arrow_forwardKFC is using what specific type of marketing in this ad: a) Ethical b) Corporate c) Philanthropic d) Consumer e) None of the abovearrow_forward
Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College PubMarketingMarketingISBN:9780357033791Author:Pride, William MPublisher:South Western Educational Publishing
Contemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning
Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning