Discuss the strategies that you will recommend for a growth market – use an example the case the new market targeted by Hein & Mann.
Growth strategies that can be used by Hein and Mann
-Product Development. This is a classic strategy which involves developing new products to sell to your existing customers as well as to new ones. Hein and Mann can upgrade their current stock of goods and sell them to their existing customers. This is less risky as their already established customer base is already familliar with Hein and Mann products and is less costly than new products and marketing them to new customers. -Increase sales in current markets-Hein and Mann should market at the expense of their competitors. They should develop new product offerings which potential customers perceive as more attractive than other alternatives and it must have the marketing resources and competence to effectively persuade them of that fact. This will help Hein and Mann to strengthen its foothold in a competitive industry. - Alternative Channels. This growth strategy involves pursuing customers in a different way such as, for example, selling your products online. Hein and Mann can try to advertise their range of goods on the internet. They will be using the Internet as a means for their customers to access products or services in a new way. -Market penetration- This is i the activity or fact of increasing the market share of an existing product, or promoting a new product, through strategies such as bundling, advertising, lower prices, or volume discounts.Hein and Mann signed deals with some companies in Germany, Switzerland and Austria to export their exclusive lounge and dining room suites to foreign markets. This is a form for entering new markets which can prove to be very profitable for the company. Market attractiveness is the degree to which a market offers opportunities to an organisation, taking into account the market size and growth rate and the level of...
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