Market Penetration Strategy
The market penetration strategy basically means fighting for a larger share of the market. It has least risk in terms of risk profile for the company. Using Market penetration strategy is to focus on markets and products the company knows well. It is likely that it has good information on competitors and on customer needs. This means that the company is through the adoption of this strategy, which will not require a lot of investment in the new market research (Day, 2007).
New Product Development Strategy
This strategy means when the company comes up with a new product for the existing market, this could be a line extension or some sort of derivative of what the company already do. So, this is selling a product to the current market that the company hadn’t sold before. In terms of risk profile, it has more risk than the market penetration strategy. higher there if we go to the bottom left green box
Market Development Strategy
This strategy means when the company take its existing product or service and take it to a new market. This could be a new country. It has more risk than the market penetration strategy.
This strategy means when the company takes its new product to a complete new market. Diversification strategy is obviously the most risk because the company is creating a new product to sell to people it doesn’t know yet. (Ulrike, 2007).