Market penetration is the name given to a growth strategy where the business focuses on selling existing products into existing markets.
- Zong is the best example, as they entered in the market with low prices and most of the times, they offer discount.
- China mobiles enter in market with low price
Product development strategies:
Product development strategies defined as the creation of products with new characteristics and launched in current market.
Coca-Cola launched Diet Coke Sweetened with Splenda.
Gourmet introduce pulpi orange.
Market development strategies:
Market development strategy entails expanding the potential market through new users or new uses. New users can be defined as: new geographic segments, new demographic segments, new institutional segments or new psychographic segments. Another way is to expand sales through new uses for the product.
K&N’s goes in different cities
Ufone now capturing to the youth for offer different packages.
A strategies to increase the variety of business, service, or products types within organization, diversification is a growth strategies, taking advantage of market opportunities, or it may be aimed at reducing risk by spreading interests over different areas.
It has some type’s vertical integration (backward and forward integration), related and unrelated diversification.
Backward integration of Punjab college is to open allied school for children and their forward integration is UCP university.
Gourmet has their own bakery units which is backward integration and also has their transportation for supply which is forward integration.
Punjab college (Mian Amir Manhood) starts DOCE Bakers.
Gourmet starts catering.