Is the four different strategies that, businesses will follow in reflection to marketing, businesses will use these strategies at different times during a business's growth.
There are four different strategies which are:
Market Penetration- is used to encourage sales and development, is used at the beginning of a businesses life-cycle which introduces a business the market.
Market development- Attempts to further increase market share of a business.
New Product Development- Offers more variety in products to meet customer needs.
Diversification- Expanding a business's brand of products by entering a new market which helps to increase growth to the business. Is usually the last strategy a business will use once they have a secure and stable position in their current market.
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