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Growth Strategies

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Firms consider pursuing various market segments as part of their overall growth strategies, which may include the four major strategies that are:Market Penetration, Market Development, Product …

Firms consider pursuing various market segments as part of their overall growth strategies, which may include the four major strategies that are:Market Penetration, Market Development, Product Development and Diversification.

This presentation ion tell about the growth strategies that how various successful firms have adopted and got success.

Published in Education , Business
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  • 1. Growth Strategies
  • 2. Growth Strategies  Firms consider pursuing various market segments as part of their overall growth strategies, which may include the four major strategies that are:  Market Penetration  Market Development  Product Development  Diversification
  • 3. Market/Product & Services Strategies PRODUCTS AND SERVICES MARKETS EXISTING NEW EXISTING MARKET PENETRATION PRODUCT DEVELOPMENT NEW MARKET DEVELOPMENT DIVERSIFICATION
  • 4. Market Penetration strategy   It is employed to the existing marketing mix and focuses the firm’s efforts on existing customers. Such growth strategy might be achieved by attracting new customers to the firms current market or encouraging new customers to buy more merchandise on each visit.
  • 5. Market Penetration strategy  Example is Home Shopping Network(HSN). The HSN has designed its website to interact better with its television network.
  • 6. Market Development Strategy  A Market Development Strategy employs the existing marketing offering to reach new market segments, whether domestic or international.  Example: McDonald’s, Pizza Hut, Domino’s Pizza, KFC is practicing market development strategy by opening restaurants in various parts of the world.
  • 7. Product Development Strategy  Product Development Strategy offers a new product or services to a firms current target market.  Example is Time Inc. the world leading magazine publisher of more than 130 magazines. Time Inc. pursues a product development strategy by carefully segmenting the magazine market based on needs and producing different magazines to reach each segment.
  • 8. Diversification   It introduce a new product or service to a market segment that currently is not served. Diversification Strategy is of two types   Related Diversification Unrelated Diversification  In Related Diversification the firm might able to purchase from existing vendors, use the same distribution to the target markets that are similar to their current consumers.  In Unrelated Diversification the new business lacks any common elements with its present business.
  • 9. Turnaround Strategy  The organization downsize or streamline its operations in attempt to build-up or maintain its basic competency.  The large organization who have grown to the level where they ignore the small competitors and finds itself unable to respond quickly if any change happens in market place.  In this particular environment there is more threats then opportunities ,therefore organization tries to retool itself to capitalize on its existing strengths and remain solvent.