Concept of Marketing

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Review the important themes within the sub question of each bullet point. The sub questions are designed to get you thinking about some of the important issues. Your response should provide a succinct synthesis of the key themes in a way that articulates a clear point, position, or conclusion supported by research.

  • 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), and Diversification (promoting new or expanding existing products to reach a new market). Remember, the diversification strategy stands apart from the other three strategies. The first three strategies are pursued with the same technical, financial, and merchandising resources used for the original product line, whereas diversification usually requires a company to acquire new skills, new techniques, and new facilities.
    • Assess each of these strategies and provide an example for each category.
    • Out of the four strategies, choose a strategy that best suits growth in a company of your choice and justify how you would use this strategy.

  • Support your answers with examples and research and cite your research using the APA format.

    posting should be at least 1.5 single-spaced pages (700 to 800 words) in length. Be sure to cite your sources using APA format.

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    Explanation & Answer

    Attached.

    Running head: CONCEPT OF MARKETING

    CONCEPT OF MARKETING
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    CONCEPT OF MARKETING

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    CONCEPT OF MARKETING

    Introduction
    Market growth is very vital in the success of the business in a competitive market. This is
    because market growth enables the business to expand or increase its market share, increases the
    number of its customers, and realize more sales, revenue, and profit. The most common strategies
    used by businesses to accomplish market growth are market penetration, market development,
    product development, and diversification.
    Assessment of the strategies
    • Market Penetration
    This is a collection of strategies utilized by the company to increase the market share of its
    existing product or service or promote the new product. These strategies include volume discounts
    or lower prices, advertising, bundling etc. This strategy is normally employed by a business that
    is new in the market or by an established business which has invented a new product in the market.
    Offering the products at volume discount or lower prices is normally meant to attract potential
    customers due to ...


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