Q9 Flashcards
4 Growth Strategies for expansion
Market Penetration - increasing the sales of your company through advertising and promotion
Market Development - new target market, same product
Product development - same target market, new product
Diversification- new market, new target
Market Penetration
increasing the number of deliveries Door2Door can do per day for Farmers or Harvey Norman by increasing the number of trucks Door2Door operates.
Market Development
Door2Door could use a market development strategy by finding new retailers to deliver for such as Noel Leeming or The Warehouse.
Product development
Door2Door could create a new service for their existing market by starting to offer services other than just delivery. They could begin offering set up and installation of electronics and whiteware for an extra cost.
Diversification
Door2Door could use diversification by starting a completely new service which involves helping people move houses by transporting their belongings to their new house.
