There are certain things that nearly every successful business does in order to stay relevant and expand their business to be incredibly profitable. Many times it means that you will have to evolve your product into something people continue to want, but it also could mean that you may have to offer new products to keep up with the market around us. When expanding your business to foster new growth and reach new markets, opening up a new location is a tool that can be used to help sustain growth and expansion of your company.
Becoming more efficient is also a very effective way to increase profits and spark growth and expansion possibilities, which can be done through running more lean or providing better options for automation of tasks. Savings on areas like this can be reinvested back into such things as marketing campaigns that will hopefully bring in new customers. In nearly every economy one of the keys to success is being adaptable with your business and make the business open to new avenues, even if it is outside of the original scope of products.
Amazon is no different and is a wildly successful company through doing a lot of different things right, that has allowed them to expand quite rapidly and become a significant player in the e-commerce community. Lists of things could be put down that Amazon has and is doing right, but this paper will focus on analyzing how Amazon uses the grand strategies of concentration, market development, and product development as a part of its long-term strategy for growth.
It is great to get customers to start using your product, but what can be done to increase how much someone is using your product. You have to make it easier to use, offer mor...
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...ough targeted advertising at the customer, but showing them similar items to what they have recently searched for or other customers have purchased after looking at the same thing you have. Through competitive pricing that was made available strategic partnerships Amazon has been able to attract many customers to their site away from their competitors.
Amazon has expanded itself throughout many countries in the world in order to best serve their customers with fast streaming and quicker shipping. They have also been able to very narrowly identify market segments through extensive tracking of purchases vs traditional targeting attempts. Amazon has been able to keep reinventing itself to not only just stay relevant in one market, but become an industry leader in several different market areas. The company started off selling books and now bring food to your doorstep.
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