A way of classifying marketing strategies in terms of existing and new products in existing and new markets. The degree of risk involved in each strategy is an important element of the analysis.
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Market penetration
When a firm increases the sales of its current products to existing customers or attracts new customers from its competitors in the market.
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Product development
Offering new and improved products to existing markets.
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Market development
Finding new markets for existing products either by selling abroad or by identifying a new segment of the domestic market.
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Diversification
Offering a new product in a new market.
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Other cards in this set
Card 2
Front
When a firm increases the sales of its current products to existing customers or attracts new customers from its competitors in the market.
Back
Market penetration
Card 3
Front
Offering new and improved products to existing markets.
Back
Card 4
Front
Finding new markets for existing products either by selling abroad or by identifying a new segment of the domestic market.
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