General Strategies: Market Expansion
With this strategy marketers look to grow overall sales in one of two ways:
- Grow Sales with Existing Products – With this approach the marketer seeks to actively increase the overall sales of products the company currently markets. This can be accomplished by:
1. getting existing customers to buy more
2. getting potential customers to buy (i.e., those who have yet to buy)
3. selling current products in new markets.
- Grow Sales with New Products – With this approach the marketer seeks to achieve objectives through the introduction of new products. This can be accomplished by:
1. introducing updated versions or refinements to existing products
2. introducing products that are extensions of current products
3. introducing new products not previously marketed.
Latest Marketing Stories
- The New Reality of R&D (how companies are acquiring products) Fast Company
- No Laptops, No Wi-Fi: How One Cafe Fired Up Sales (decision opens up space for more to buy) NPR
- Whole Foods Takes Over America (how leading retailer works) CNN Money
- Wal-Mart Plans to Bring Its Compete-on-Price Approach to Organic Food. Here’s How (insight on pricing strategy) Washington Post
- How Target Secured a Pipeline of New Products From Top Brands (the benefit of building relationships with manufacturers) Advertising Age
- New Veet Ads Shame Women by Claiming Having Body Hair Makes Them Dudes (ad controversy) Time
- ZenithOptimedia Expects Ad Spending to Rise in Each of the Next 3 Years (research firm's prediction of ad spending) Adweek
Latest Blog Posts
- Some Companies Find Product Development is Better Left to Others
- If a Small Café Says Goodbye to Free WiFi Will It Say Hello to Increased Sales?
- When Social Media Fuels a Controversial Issue How Do Marketers Respond?
- Web Analytics May Be Dominated by Google but Other Software Finds a Place
- Amazon Knows How to Play the Late-to-Market Game