3. Existing Market + Existing
Product
=
Market Penetration
This growth strategy uses current
products and current markets with
the goal to increase market share.
This targets non-buying customers in
currently targeted segments. It also
targets new customers in new
segments in order to expand the
potential market.
New Market + Existing Product
=
Market Development
4. Existing Market + New Product
=
Product Development
It is a process that has two parallel
paths: one involves the idea
generation, product design, and detail
engineering; the other involves
market research and
marketing analysis.
Diversification seeks to increase
profitability through greater sales
volume obtained from new products
and new markets.
New Market + New Product
=
Diversification