Market penetration: Increasing market share

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Your direct manager was extremely impressed in your proficiency with the financials and sent your work over to the marketing department. Before the marketing department will release its data, the marketing manager would like you to answer a question about market growth strategies. Market growth is accomplished by one or more of the following strategies:

Market penetration: Increasing market share
Market development: New markets
Product development: New products or services
Diversification: Promoting new or expanding existing products to reach a new market
Remember that the diversification strategy requires additional funds and that the other three strategies use existing budgets.

Out of the four strategies, choose a strategy that best suits growth in your company, and justify how you would use this strategy.

 

Sample Solution

The strategy that I believe best suits growth in my company is market penetration. Market penetration can be achieved by increasing the company’s market share, which entails offering more competitive prices, improved product quality and better customer service (Kotler, Keller & Brady 2012). Additionally, this strategy requires minimal additional funds as it relies on already existing resources and markets to grow.

To execute this strategy effectively we must first identify our target customers and develop a marketing mix tailored specifically to them. This would include identifying appropriate pricing strategies for each of the products or services offered based on consumer demand and preferences, leveraging promotional activities such as social media campaigns or discounts, improving product quality through feedback from existing customers and conducting surveys when necessary (Kotler et al., 2012). Doing so will help to increase brand awareness amongst potential buyers as well as strengthen customer loyalty amongst existing ones.

Simultaneously, efforts should be undertaken to develop new distribution channels for our products or services both within our current markets but also beyond it into new ones if possible. Doing so will enable us to reach more customers while also engaging in direct sales with those not served through traditional retail outlets (Kotler et al.,2012). Moreover these channels offer valuable insights into buyer behavior which can then be used to refine future marketing strategies

In conclusion ,market penetration offers an excellent opportunity for moderate yet consistent growth in any given company . By properly identifying target customers ,refining the marketing mix accordingly ,and developing new distribution channels ; businesses can increase their market share without having to invest too many additional funds.

Social Connectors in their serious scene to develop their business particularly in The Netherlands and Belgium. The objective of this examination is to offer guidance for Cultural Connectors on the most proficient method to separate themselves in their serious scene and how to increment business valuable open doors in the instructive area in the Netherlands and Belgium by characterizing a cutthroat corporate personality and recognizing pertinent promoting procedures for the objective gathering as well as tracking down possible clients related to the fitting channels to contact them. This exploration report remembers four examination regions that incorporate business potential open doors for the instructive area, advertising systems, corporate personality, and Customer Relationship Management (CRM). At last, the system and strategy are likewise given in this report to arrive at the examination goals, which incorporate work area exploration, review, and meetings.

Project setting
The universally acting organization “Social Connectors” is a specialist co-op for worldwide self-awareness with the objective to interface various societies as well as to work on the intercultural understanding which centers around China, Russia and Germany. The organization was established in 2015 by Olga Medinskaya and has its central command in Mannheim, Germany. The organization comprises of Mrs. Medinskaya herself who is at present filling in as a General Manager and intercultural mentor. Four extra accomplices who have skill in procedure, didactics, culture, and travel-specialists function also inside this firm. They offer phases of preparation and mentor meetings in which they sharpen their members towards social contrasts.

Social Connectors is presently confronting a test in having better comprehension of the serious scene to recognize valuable learning experiences in their business fields, like organization explicitly in the instructive area. Moreover, the organization has a trouble in really conveying their projects through involving restricted assets to raise the interest of potential objective gatherings to have an organization with Cultural Connectors. This will thusly give them the upper hand to become forerunners in the business. Thus, the exploration will be centered around the ongoing requirements and difficulties in the instructive area. More specifically, the objective gatherings that are picked by Intercultural Professionals are global Universities and Universities of Applied Sciences in the Netherlands and Belgium, which deal courses or related projects to Russia, that could either need to enter an organization with Cultural Connectors or purchase thei

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