The Market Penetration Strategy is aiming to achieve more sales in the existing market. There is no modification of the product but the organisation is seeking to increase revenue by either repositioning its products or promoting. Increasing usage and frequency by existing customers and encourage non-users to buy. This strategy is used when there is potential growth and when increases in volume leads to economies of scale. [ Slide 8]. The purpose of this strategy is to absolutely dominate the market while looking out for competitive reaction. For Doyle’s, this strategy could mean implementing a Loyalty Program in all areas of the hotel to connect with the Bistro & Café. When using Loyalty program, instead of using a card or a coupon, have a app on the phone, since everyone nowadays are always on their phone they will see that they have a loyalty program with Doyle’s. As cards and coupons, everyone has a lot of different kinds in their wallet/purse and will most likely not pay attention to them as there is so many.
The Product Development Strategy is when an organisation starts to develop new products, modifications of products or offerings that are targeted to its existing market. This strategy involves Product Innovation, Product Augmentation and Product Line Extension. These consist of replacing old products, creating new products, improving a product, or complement an existing produ...
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... may have a high risk, there is a chance to be compensated by a high rate of return. Diversification consists of 4 strategies, Horizontal Diversification, Vertical Diversification, Concentric and Conglomerate.
Horizontal Diversification is when the organisation develops or attains new products that could appeal to their existing customer groups even though the new product may be technologically unrelated to the existing product lines.
Vertical Diversification is when the organisation moves into the business of its’ customers or suppliers.
Concentric Diversification is resulting in new services or product lines that have marketing or technological synergy with existing product lines, even though the customers may have an appeal for the product.
Conglomerate Diversification is when an organisation enters a new market when there is no marketing or technological synergy.
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