1. Bryan J. Vismanos BSHM 4
What are the different growth strategies?
ANSWER:
MARKET PENETRATION
This tactic's goal is to boost sales of currently offered goods and services on active markets,
which will raise your market share. You can achieve this by luring clients away from your rivals
and/or ensuring that your current clients purchase your goods and services more frequently. This
can be achieved by lowering prices, increasing promotion and distribution assistance, acquiring a
competitor in the same market, or making minor product improvements.
MARKET DEVELOPMENT
This entails boosting sales of currently offered goods or services in untapped markets. Market
expansion entails analyzing how to expand an existing market or how to sell a company's current
offer on new markets. Different client categories, such as industrial purchasers for an item that
was previously marketed only to homes, new areas or regions of the country, and foreign
markets, can help achieve this.
DIVERSIFICATION
This entails the introduction of fresh goods or services on untapped marketplaces. The riskiest
tactic is diversification. It entails the corporation offering brand-new goods and services on a
fully untapped market.
