Question

Describe the four market-related strategies an organization uses to identify alternate market opportunities.

Answer 1

A marketing strategy is the firm's roadmap to success. it is based on an analysis of internal strengths ad weaknesses as well as a market place opportunities and threats. The four market strategy that uses to identify alternate market opportunities is market penetration, market development, product development, and diversification.

• Market penetration: It refers to a strategy of an increasing share of current markets with the current product range. This strategy includes strategic capabilities builds or established, increased power leads to greater market share and with buyers and sellers.
• market development: Introducing present products or services into new geographic areas eg, market expansion in new continents.
• product development: It involves either improving an existing product or its presentation, or developing a new product to target a particular market segment. consistent product is a necessity for companies striving to keep up with the changes and trends in the marketplace to ensure their future profitability and success.
• Diversification: It is an act of existing entity branching out into a new business opportunity or expanding its existing operations. This corporate strategy enables the entity to enter into a new market segment which it does not already operate in it.

These are the four ways where an organization can find a way to achieve its market strategy and identify a market opportunity. for eg, Nike uses psychographic segmentation variables to make its offerings more attractive to the target customers.