Student Perception of Marketing Students on the Contribution of Our Local Economy

Jun 27th, 2015
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There are four broad marketing strategies, as defined by Ansoff’s Matrix. They are highlighted in the table below. The matrix is a tool that assists organisations in deciding their product and market growth strategy by helping identify whether it markets new or existing products in new or existing markets.

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Student Perception of Marketing Students on the Contribution of Our Local EconomyStrategies for growthThere are four broad marketing strategies, as defined by Ansoffs Matrix. They are highlighted in the table below. The matrix is a tool that assists organisations in deciding their product and market growth strategy by helping identify whether it markets new or existing products in new or existing markets.Identifying which of these is (or are) most important and appropriate for a destinations specific circumstances helps the marketer to focus resources and develop the right strategic approach.Market penetrationMarket penetrationoffers the lowest risks for the quickest returns but this works on the assumption that a destination wants "more of the same" type of visitors and this is not always the case. For example:a party city wanting to move its weekend business from stag and hen nights to cultural breaksa very successful seasonal family destination wanting to attract off-peak business and empty nestersa destination with an attractive market segment that is "looking after itself", wanting to diversify to spread risk.It also assumes that the product is more or less satisfactory for current markets, and that there is untapped potential in those markets both to attract more of the same, and to sell more of the current product to the same people.Market developmentMarket developmentoffers moderate risks for medium-term returns. Again, this assumes th

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