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The growth strategy that involves the firm attempting to grow by attracting a new market to its existing products is called what? |
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- Why is it practical to change the price or quality of a product at the growth stage? Discuss the strategies required by the companies in order to sustain as well as achieve high growth at this stage.The four fundamental growth strategies help firms identify growthopportunities in the marketplace. The strategies are based on twodimensions: new and current markets, and new and existing productsand services. For example, market penetration is the strategy where thefirm attempts to grow by having its existing market consume more ofits existing products. On the other hand, the growth strategy thatinvolves the firm attempting to grow by attracting a new market to itsexisting products is called what? a. Product development b. Market development c. Diversification d. Market penetration e. Product penetrationWhat is the term that is used to describe, when a company focuses on new product and market development that requires superior market intelligence and reeducating distribution channel members?
- According to the Ansoff Matrix, companies can make more sales from entering new markets with the same products. This is called__________________: a. Market Penetration b. Product Development c. Market Development d. DiversificationBelow is a list of descriptions and/or elements of a concept. Read each description carefully and identify the concept. Your answer should include only the correct word or concept. A term that refers to the process of planning and executing the conception, pricing, marketing communication and distribution of ideas, products, and services to create exchanges that satisfy individual and organisational goals. A term that describes the activities used to transfer the market offering to the buyer.Activities include primary, auxiliary and exchange activities. The focus of this term is to identify core customers; establish relationships with these customers; maintain and enhance those relationships; and, if and when necessary, terminate those relationships so that the objectives of all parties involved are met. This exists when there are relatively few businesses marketing a particular product and it controls much of its supply. It is the careful gathering, processing, analysing and…A firm has developed a new roofing material that also produces electricity from sunlight. This material is very light and inexpensive. Besides roofing, it could also provide an inexpensive carport covering for open-air parking lots. The firm has hired you as a consultant for the successful national launch of this product. You are required to present a report to the senior management describing when and where this product should be launched. Identify different segments of the market for launching this product. Recommend which segments of the product should be targeted first for maximum returns to the firm and support your recommendation.
- In this module, the product life cycle was defined as a concept that explains how products go through four distinct stages from birth to death including: introduction, growth, maturity, and decline. Each stage is actually based on the market's response to the product. This dynamic causes firms to adjust their marketing strategies so that they are in alignment with the current stage. For this discussion, review the Product Life Cycle Strategies on pg. 304 in your text and respond to each prompt. Identify one product for each stage in the product life cycle (i.e., four different products) and explain how each product fits in its particular stage, as noted. • For the product you identified in the introduction stage, tell us what strategies you would use to launch this new product. For the product you identified in the growth stage indicate what strategy would be necessary to maintain brand loyalty as competitors now are entering the market. For the product you identified in the maturity…Which one of the following strategies creates the potential for the firm to capture additional profits from the industry value chain? Choose the best answer. Horizontal integration Unrelated Diversification Vertical integration Divestiture ConcentrationI am producing a new product. Does the new product I produce fall into the current market, repartitioned market, or new type of market?
- Following outcomes are common for market growth strategy: All companies benefit from increasing primary demand Market leaders benefit more because their shares grow more Even small company with superior value proposition may gain disproportionately large market share All of the aboveWhen a business’s sales and profits are increased through backward, forward, or horizontal integration, it is called ____________ Select one: Integrative growth Diversification Horizontal growth Vertical growthThe marketing objective during the maturity stage of the PLC is to: Reduce expenditures Create product awareness and encourage trial Maximize market share Defend market share OO O O