Market penetration
Marketing
Growth strategies
Submitted to Prof.Irfan Tariq Submitted by Junaid qaiser
Market penetration: The concept describes different ways and strategies to achieve market penetration, such as cutting prices, increasing advertising, obtaining better store or shelf positions for products, and innovative distribution tactics.
Example: Engro food .I have place two product that are Omore and Tarang as the growth rate of the product has high and their price is less than other milks beside this the market share is also increasing
Market development is a business strategy whereby a business attempts to find new groups of buyers as potential customers for its existing products and services. These potential customer groups may already be served by competitors or may not be currently marketed by anyone for the product
Example: Tobacco Defense production: (By early 2000, in a joint project with China led to the development of the JF-17 Thunder fighter and the Al-Khalid Tank. Pakistan also has taken major steps to becoming self-sufficient in aircraft overhaul, modernization and tank and helicopter sales and a transfer of technology with France led to the construction of the Agosta B-90 Submarine)
Product development
“Product Development is a creation, innovation, utility enhancement or continuous improvement of earlier features (design, service, etc.) of an existing product or developing (manufacturing) an entirely new kind of product to satisfy the requirements of its end-users (consumers)
Example:
1. Modify desktop computers in to light weight laptops to ease portability
2. Convert land line into wireless handsets for easy portability and full time access to communication
New product Process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced
Growth strategies
Submitted to Prof.Irfan Tariq Submitted by Junaid qaiser
Market penetration: The concept describes different ways and strategies to achieve market penetration, such as cutting prices, increasing advertising, obtaining better store or shelf positions for products, and innovative distribution tactics.
Example: Engro food .I have place two product that are Omore and Tarang as the growth rate of the product has high and their price is less than other milks beside this the market share is also increasing
Market development is a business strategy whereby a business attempts to find new groups of buyers as potential customers for its existing products and services. These potential customer groups may already be served by competitors or may not be currently marketed by anyone for the product
Example: Tobacco Defense production: (By early 2000, in a joint project with China led to the development of the JF-17 Thunder fighter and the Al-Khalid Tank. Pakistan also has taken major steps to becoming self-sufficient in aircraft overhaul, modernization and tank and helicopter sales and a transfer of technology with France led to the construction of the Agosta B-90 Submarine)
Product development
“Product Development is a creation, innovation, utility enhancement or continuous improvement of earlier features (design, service, etc.) of an existing product or developing (manufacturing) an entirely new kind of product to satisfy the requirements of its end-users (consumers)
Example:
1. Modify desktop computers in to light weight laptops to ease portability
2. Convert land line into wireless handsets for easy portability and full time access to communication
New product Process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced