Your direct manager was extremely impressed in your proficiency with the financials and sent your work over to the marketing department. Before the marketing department will release its data, the marketing manager would like you to answer a question about market growth strategies. Market growth is accomplished by one or more of the following strategies:
Market penetration: Increasing market share
Market development: New markets
Product development: New products or services
Diversification: Promoting new or expanding existing products to reach a new market
Remember that the diversification strategy requires additional funds and that the other three strategies use existing budgets.
Out of the four strategies, choose a strategy that best suits growth in your company, and justify how you would use this strategy.
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Based on the given information, the most suitable market growth strategy for our company would be market development: targeting new markets. This strategy involves expanding our current products or services into new markets.
To implement this strategy, we can conduct market research to identify potential new markets that align with our company's offerings and capabilities. This research will help us understand the needs, preferences, and purchasing power of the target market.
Once we have identified the new markets, we can allocate resources from our existing budgets to tailor our marketing and communication efforts to reach these audiences effectively. This could involve creating new advertising campaigns, partnering with local distributors or retailers, or adapting our products/services to suit the preferences of the new market.
By targeting new markets, we can increase our customer base and revenue without the need for significant additional funding. This strategy allows us to leverage our existing expertise and resources while expanding our reach and market share. It also presents an opportunity for long-term growth and sustainability, as it diversifies our customer base and reduces dependence on a single market.
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