Marketing Assignment Free Essay Example

market share. This involves increasing market share within existing market segments. This can be achieved by selling more products/services to established customers or by finding new customers within existing markets. On the other hand, market development strategy uses existing products to capture new markets. This strategy entails finding new markets for existing products. Market research and further segmentation of markets helps to Identify new groups of customers. Product development uses new products in the existing market.

Product development Involves thinking about how new products can meet customer needs more closely and outperform the products of competitors. In contrast, delectation's creates completely new opportunities for the company by creating new products and ewe markets. This involves moving new products into new markets at the same time. Done in the past the more uncertainties are created. Overall, these strategies are important because it provides the basic guidelines that can be followed after we have determined the right strategy to be employed based on the organizations' product and market need.

Based on the market development, considering that the company is currently distributing 65% of the goods to the foreign market as identified in the introduction, the company can expand their provision of goods to more Caribbean countries. The other 35% products that are not being exchanged in the reign market could be distributed as well. Many companies have transformed themselves from high street retailers into Internet retailers. This can be done by making use of online sales allowing customers to place an order for goods and can have it delivered to them directly within a limited time.

This would include the training needs of employees so that they

have the skills to fulfill Internet orders, whether they are taking incoming calls or processing online orders. As for market penetration, you may saturate the market with an aggressive advertising campaign consisting of television, radio and direct mailing ads. Television ads being placed on television during the times where children would usually watch cartoon can entice people to buy the product. Sales promotion such as sampling in groceries can help entice customers to purchase product.

Another strategy that can be used is for the company to offer a sales promotion based on "spin to win" where the customer has to buy a certain amount of products from the company to gain an opportunity to spin a wheel where they can win several different prizes on the spot. This promotion could be held anywhere where the products is being sold, specifically a grocery. As for reduce development, the company can create different flavors in the same products. The variety of gums could be expanded as well as they can offer new products such as gummy and/or Jelly products.

Additionally products can be packaged into containers that can be used for multi-purposes, such as; Jellies could be placed in a container that can be used as a cash pan. As for diversification, this is where the company can add a product such as energy drinks to its production line targeting the adult market. Hitherto, the market development strategy chosen will allow all age groups to easily access the product. For market penetration, launching an advertising campaign can generate greater brand awareness.

Implementing a short-term promotion will help the company to increase sales. This way also, the can

regain lost market share. As for product development, by creating relating products, this can satisfy customer's demands. Consistent product development is a necessity for companies striving to keep up with changes and trends in the marketplace to ensure their future profitability and success. The unrelated diversification is based on the concept that any business under favorable financial conditions that has the attention for high revenues, is suitable for diversification.