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
Modifying a product in the existing market by changing its outlook, improving both its quality and performance, will create a more appealing product in the market (Maria, Grandinetti, & Bernardo, 2012, p. 73). This will attract more customers into buying the product, therefore, increasing the company’s sales. Apart from that, market development is another marketing strategy in the Ansoff matrix. This involves the company venturing into new markets to increase its client base. Opening up different branches at different locations will enable the company to reach new customers in areas that the product was not available.
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.
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.
The innovation of technology is expanding from changing and positively affect the economy. In eras of technological improving, it causes industries to increase their productivity, so the country's economy is growing and improving its financial health (as cited in Moritz,
The vital purpose of a stakeholder-based approach to management is to set a new direction for the enterprise. The stakeholder-based management approach suggests that relationships amongst the stakeholders can be created and influenced. The stakeholder-based approach is about putting specific names and faces for the stakeholders. There is value in the developing of a comprehension of the stakeholders who are closely related to the business. This level of understanding enables management to create an array of strategies and options that have the support of the many different stakeholders’ participants; and it is only with this support that management can somehow be able to achieve the existence and survival of the firm in the long run.
Leaders should determine which requirements and behaviours should apply to their specific organizational roles and take action to integrate them in to routine duties. Leaders also need to ensure that resources, roles, responsibilities and accountabilities are fully aligned throughout the organization. In lead the Management System Process (MSP), senior or top management focus on personally directing the MSP for the continuous operational excellence improvement and integrating operational excellence into business plans. Figure 2: Lead the Management System Process Source: Adapted from Operational Excellence Management System An Overview of the OEMS: Chevron Corporation (2010) Besides that, BinaLangsung also should emphasize on the aspect of strategy of the product growth. In an article of Growth Strategy, it stated that one of the reason companies focusing on growth is a general sense of optimism about the future.
Market Development focuses on increasing the sales for an existent product by introducing it into new markets. This strategy is often used by the companies which plan to expand globally, by adding new characteristics to the existing products, according to the consumer’s needs. Big companies like Addidas and Nike followed the market development strategy to expand internationally by offering the same product. 4. Diversifying strategy focus on the development of the business by introducing new products to the new markets.
CURRENT MARKET: Current markets will be built and increased by expanding the brand and flavor distribution at the retail level. The company will engage in more customer interaction and will take more feedbacks on how to better produce a long-lasting brand their customer will continually crave. There will also be an extensive training program for its sales team to enhance and equip them with better human relations as they constantly engage their
As the HR strategy involves taking the organization’s strategic goals and objectives and translating them into a consistent, integrated, complementary set of programmes and policies for managing employees. The aim of HR strategy is to help the organization to achieve its mission and objectives through a systematic design and implementation of HR programmes. All the functional HR activities such as planning, recruitment and selection, training, performance management, compensation, etc., are derived and should flow from the HR strategy. Moving ahead, HR strategy must match the business strategy. In other words, the human resource plans and programmes viz., staffing, training and development, appraisal, compensation, etc., must be tailored to the organizational needs.