Among the five countries in terms of mobile penetration in South Asia, Pakistan is placed at number three followed by Sri Lanka and Bhutan. Iran and Maldives are ranked above Pakistan. The TV ad revenue is continuing to rise as a percentage of total ad revenue, mostly at the expense of the print media ads. The biggest spenders in were the telecom companies with Rs 8 billion, followed closely by fast moving consumer goods FMCG sector with Rs.
My favorite definition is: This is usually determined by focusing on whether the products are new or existing and whether the market is new or existing.
The model was invented by H. Ansoff was primarily a mathematician with an expert insight into business management. It is believed that the concept of strategic management is widely attributed to the great man.
The Ansoff Matrix has four alternatives of marketing strategies; Market Penetration, product development, market development and diversification. Market Penetration When we look at market penetrationit usually covers products that are existence and that are also existent in an existing market.
In this strategy, there can be further exploitation of the products without necessarily changing the product or the outlook of the product. This will be possible through the use of promotional methods, putting various pricing policies that may attract more clientele, or one can make the distribution more extensive.
In Market Penetration, the risk involved in its marketing strategies is usually the least since the products are already familiar to the consumers and so is the established market. Another way in which market penetration can be increased is by coming up with various initiatives that will encourage increased usage of the product.
A good example is the usage of toothpaste.
Research has shown that the toothbrush head influences the amount of toothpaste that one will use. Thus if the head of the toothbrush is bigger it will mean that more toothpaste will be used thus promoting the usage of the toothpaste and eventually leading to more purchase of the toothpaste.
Product development can differ from the introduction of a new product in an existing market or it can involve the modification of an existing product.
By modifying the product one would probably change its outlook or presentation, increase the products performance or quality. By doing so, it can appeal more to the already existing market. A good example is car manufacturers who offer a range of car parts so as to target the car owners in purchasing a replica of the models, clothing and pens.
Market Development The third marketing strategy is Market Development. It may also be known as Market Extension. In this strategy, the business sells its existing products to new markets. This can be made possible through further market segmentation to aid in identifying a new clientele base.
This strategy assumes that the existing markets have been fully exploited thus the need to venture into new markets.
There are various approaches to this strategy, which include: New geographical markets, new distribution channels, new product packaging, and different pricing policies. In New geographical markets, the business can expound by exporting their products to other new countries.
It would also mean setting up other branches of the business in other areas that the business had not ventured yet. Various businesses have adopted the franchise method as a way of setting up other branches in new markets.
A good example is Guinness. This beer had originally been made to be sold in countries that have a colder climate, but now it is also being sold in African countries. The other method is via new distribution channels.
This would entail selling the products via e-commerce or mail order. Selling through e-commerce will capture a larger clientele base since we are in a digital era where most people access the internet often. In New Product packaging, it means repacking the product in another method or dimension.
That way it may attract a different customer base.
In Different pricing policies, the business could change its prices so as to attract a different customer base or so create a new market segment. Market Development is a far much risky strategy as compared to Market Penetration.
This is so as it is targeting a new market and one may not quit tell how the out come may be. Diversification The last strategy is Diversification.
This growth strategy involves an organization marketing or selling new products to new markets at the same time.MKGT exam 1. STUDY. The _____ provides managers with four different fundamental marketing strategies: market penetration, market development, product development, and diversification.
perform a situation analysis B) develop marketing strategies C) implement the marketing plan D) control the marketing plan. About the Ansoff Matrix.
The Ansoff Matrix also known as the Ansoff product and market growth matrix is a marketing planning tool which usually aids a business in determining its product and market growth. Edexcel BTEC Level 3 Nationals specification in Business 1 – Issue 1 – January © Edexcel Limited Unit 3: Introduction to Marketing.
The market penetration index can mean different things. At the sector level, it analyzes overall current demand by the public for a particular type of product, rather than a particular brand of product. A high market penetration index means that the public is fairly saturated with a particular type of product that is usually provided by.
McDonald’s Corporation’s effectiveness in implementing its marketing mix contributes to the leading performance of its brand and business in the international fast food restaurant industry.
Market Penetration Strategies helps in determining the effectiveness of the successful business model and efficacy of the marketing strategy.
Types of Market Penetration Strategies Below is the list of 6 different types of market penetration strategies.