Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
Market Penetration
|
An existing market and existing product. This is a strategy that will enable an organisation to increase its market share and potentially grow organically to achieve monopoly. Can lead to increased economies of scale and increased brand loyalty. |
|
|
Product Development
|
This is where an organisation focusses on selling a new product in an existing market. Typically an example of this would be the investment in research and development to improve the features of you're product or service. this strategy can be expensive because R&D costs, however, can also be rewarding in ensuring you become the market leader.
|
|
|
Market Development
|
this is more risky than market penetration as it involves market penetration as it involves expenditure in ensuring that you meet the needs of the new market that you are intending on entering. This could be a new geographical markets or new distribution channels. this is where an organisation focused on selling their existing products in new markets.
|
|
|
Diversification
|
This is where an organisation focusses on selling existing products into existing markets. this is where an organisation focusses on developing a new product and selling it in a new market. this is the most risky strategy, however its potentially the most rewarding.
|
|
|
Cost Leadership
|
Examples; Easy jet, Ryanair, pound land, aldi, premier inn
|
|
|
Cost Focus
|
Royal ribs, Local discount stationary shop
|
|
|
Differentiation Leadership
|
Apple, costa, BMW, Waitrose, dyson
|
|
|
Differentiation Focus
|
Bang and olefin, Krispy Kreme
|
