Page |1 Project Report On MARKET RESEARCH AND MARKET PENETRATION OF BUSINESS STANDARD WITH SUBMITTED BY‚ Poorna Page |2 Declaration I‚ Poorna hereby declare that the report on “summer training” entitled “Market Research and Market Penetration of Business Standard” is a result of my own work and indebtedness to work in publications‚ if any have been duly acknowledged. Place: Delhi Date: Signature Poorna Page |3 ACKNOWLEDGEMENT During the perseverance of this
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Therefore‚ if customer needs are not met‚ the business will not survive and thrive. Marketing and PR would identify this product as a market penetration strategy as Primark has already produced ranges of similar coats for young girls. As this strategy holds the least risk compared to others from the Ansoffs Matrix‚ Marketing and PR would understand little or no market research would need to be conducted. This is due to the garment using many of the company’s existing resources and knowledge from previous
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comprises four general approaches to sales growth: market penetration/expansion‚ product development‚ market development and diversification. Market penetration and expansion are strategies relating to growing exiting products in existing markets. Market penetration depends on winning competitors’ customers or buying competitors (thereby increasing market share). Defense of increased penetration may be through discouraging competitive entry. Market expansion may be through converting non-users to users
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Ansoff product-market matrix Ford Falcon example The Ansoff product-market matrix shows different ways organisations can achieve growth. Some of the important messages from this model are that: Market penetration should be the main initial focus for all organisations‚ that is‚ making sure that current resources are being most effectively employed and ensuring that the organisation is doing the best it possibly can with its current products/services and customers. Once market penetration is achieved
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Ansoff Matrix = The product/market grid What is the Ansoff Matrix? The Ansoff Matrix‚ designed by Igor Ansoff‚ classifies and explains different growth strategies for a company. This matrix is used by companies which have a growth target or a strategy of specialization. This tool‚ crossing products and markets of a company‚ facilitates decision making. The Ansoff matrix offers four strategies to achieve the objectives. Penetration of the market ; Extension of the market ; New products ; Diversification
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He have identified for categories for the growth of the business these are Market Penetration‚ Market Development‚ Product development and Diversification. Ansoff used these four categories in a matrix to show how the opportunities differ in term of new and existing products and markets. Marketing Techniques used by ASDA Market Penetration What is Market Penetration? Market Penetration is when increasing market
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competitive advantage in the market was vital in the element of planning process (2001). Ansoff matrix helps to define two vital factors for marketing: what is sold and who it is sold to. Therefore‚ it pertains on the products and markets and enables to give the four alternative courses of actions when considering marketing objectives: · selling existing products to existing markets (market penetration); · extending existing products to new markets (product development);
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Case Study: Strong rumors that Kraft is looking to take over Cadbury 1.i) Market Penetration is 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. For example‚ if Cadbury lowers the price of a certain product‚ not changing the content of the product nor the market it was targeting. ii) Product development is the creation of products with new or different characteristics that offer new benefits to
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categories for selection. The market penetration strategy is the least risky since it leverages many of the firm’s existing resources and capabilities. In a growing market‚ simply maintaining market share will result in growth‚ and there may exist opportunities increase market share if competitors reach capacity limits. However‚ market penetration has limits‚ and once the market approaches saturation another strategy must be pursues if the firm is to continue to grow. Market development options include
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Market penetration (existing product on existing market). Market penetration uses existing products on an existing market. This strategy tries to achieve growth of sales through encouraging brand loyalty‚ encouraging more purchases‚ taking customers from rivals and converting non-users to users. An example of this strategy is Tesco. They try encourage brand loyalty through introducing loyalty cards. In addition‚ they open new stores and change existing stores. Market penetration can also
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