To increasing potential sales existing customer zealong has to improve their quality, product variety, packaging style, supply chain etc. by doing this zealong can increase their sales in existing market. Because, it’s a human nature that after sometime everyone want something new. 2. “Existing product for new
Product Development. McDonald’s uses product development as a supporting strategy for growth. In applying this growth strategy, McDonald’s develops new products over time, such as new McCafé products. These new products may be variations of existing products, or entirely new products. The strategic objective for this strategy is to capture more consumers by attracting them to new products.
MARKET AND PRODUCT OBJECTIVES Deli Yoghurt is a new yoghurt brand that is just picking up and building up its brand name. The organization intends to build its corporate reputation through aggressive marketing in its environs and beyond. They intend to use the customer base they build to tap into other avenues for maximizing their revenues. Deli Yoghurt is taking a critical look at the two major sections as the focal points of developing and building their customer base, they are The CURRENT MARKET they presently operate in, and the NEW MARKET they intend to operate in. CURRENT MARKET: Current markets will be built and increased by expanding the brand and flavor distribution at the retail level.
According to Growing a company by international acquisition (n.d.) there are two major ways of growing a business: organic or inorganic. The decision which one is the best solution for a given company depends on the market, trends and the resources of the company. In most cases organic growth is constant and an ongoing process while the inorganic growth happens when the company decides to widen its options. Organic growth happens when a company is using its own resources, opportunities and advantages to improve profitability. Usually this happens by one or more combined: - Expanding sales (inbound, outbound) activities to reach more customers - New product launch to increase market share - Marketing activities
Current client usage to be increased. Key points: Market penetration concentrates on selling the existing products into the current market so that higher market share can be achieved. There are 4 different ways to achieve this: market share of the current product and services to be maintained or increased; all the existing and new competitors to be driven out by restructuring the market; dominance of the growth markets to be secured; usage to be increased with the help of current customers. 30 Market development strategy A market development strategy helps to sell the existing products and services into the new market. In different ways this strategy can be achieved: New geographical markets New product dimensions or packaging New distribution channels New market segment created by different pricing Key points A market development strategy helps to sell the existing products and services into the new market.
This has enabled these top players put into practice and dictate the direction of technological advancements in different industries (Radjou, N., Prabhu, J., & Ahuja, S, 2012). For Samsung to expand its markets and increase its financial returns, a search for international markets has become the primary concern. This has also assisted them to dominate international networks, acquire relevant knowledge, increase competitiveness, and hence survive (Storey, D.J., and Greene, F.J,
Samsung had to create a powerful and enhanced marketing team to transform their strategy and more effective compete. One of the focuses on this turnaround strategy was enhancing their global brand, focusing on long-term outcomes, and allocating money differently. SEC started building a trustworthy brand that customers could trust through a long process of research, growth, and
International Expansion: Davis Case Study The natural course of life for business is to grow. A company wants to grow to increase profits, to increase customer base, to increase its value, to innovate, to enter new markets, to build new product base, etc. The key is to develop, plan and execute a strong growth strategy. The strategy should outline what business or market to expand to, when to expand and how to expand. There are two ways in which a company can expand: Organically and inorganically (Growing a company by international acquisition, 2008).
a. Organic Growth: is an expansion strategy whereby demand for existing business is increased through strategies that create an increase in the market demand for the existing product or a new market in the same or different geographical region. Some companies capitalize on various macro-economic indicators in different countries to expand their existing products or services. Also, favorable treaties, legislation or agreements between or among nations can also give existing companies opportunity to expand into other countries
(Prove? )This is because when the industry is growing, there will be more consumers in the market for Muji to target and therefore, it allows Muji to increase their market share. Innovation of new products is also one of the opportunities as the consumer market in Malaysia is always looking for the latest products and fashion. (Prove?)