Question

Review the below described Concentration strategies in the textbook. These are strategies that involve trying to successfully compete only within a single industry. There are three concentration strategies:

• Market penetration involves trying to gain additional share of a company’s existing markets using existing products. Often companies will rely on advertising to attract new customers with existing markets.
• Market development involves taking existing products and trying to sell them within new markets. One way to reach a new market is to enter a new retail channel or geographic areas.
• Product development involves creating new products to serve existing markets.

Select one of these and find an article that describes a company that has successfully used this strategy.   Identify the company and provide an analysis of what the company has done. Assess what the company did to make this successful.

Answer 1

Answer:-

Introduction

Each organization experiences diverse financial occasions and should think of various strategies to augment its presentation and increment the general deals. Contingent on the idea of the product and the accessible assets and level of development, the strategy chose by each organization varies.

In the Three conditions portrayed for the situation study, we have chosen product development which alludes to a procedure where an organization makes another product offering in a current market type.

This kind of strategy is basically trailed by organizations that target making advancement through new products which upset an industry and make guard request and deals.

Different strategies portrayed are Market Penetration which is helpful for littler organizations hoping to enter a market and market development in which organizations hope to sell their current products in fresher regions.

Product Development Example:-

A key example of product development is the organization Apple which occupied with development of another product in a current market as the IPhone. Past to its creation.

Telephones were principally worked by keypads and were incredibly moderate but then individuals would get them for their business and individual needs.

The development of a product which was anything but difficult to utilize drove the organization to be one of the most elevated benefit making one.

Further development prompted the development of more up to date products, for example, the I Pad, MacBook's, Apple Watch and so on which further improved the market and prompted wide scale benefits for the firm.

Such advancement causes in organizations to lead the market and as opposed to selling comparable products they take part in new development which gives them a preferred position over rivalry.

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