Management 490 Chapter 5 Part 1

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Management 490 Chapter 5 Part 1

Increasing the size and viability of the business over time

How the firm intends to position itself to create value for its customers that are different from its competitors

Strategies involving the organization in new industries and new businesses.

Business builds stores in a new location (market penetration).

Increase the quantity of products or services sold, thereby increasing revenue and share of the market

This strategy will likely increase the size of the business but not scope of the business

Successful in the early stage of the organization's life when many customers are untapped

Seeking new customer groups or segments that differ in some way from existing customers

Finding new uses for existing products so that new market segments can be tapped.

Modify existing products or develop new products/services for the purpose of selling more to existing customers or creating new market segments

Investing organizational resources in another company or business to achieve growth targets

The acquisition of an organization in the same line of business. Accomplished for the purpose of gaining market share in a particular segment, expanding a market geographically, or augmenting product or service lines

Involves acquisition of capabilities, market segments, or product lines.

Formed with other organizations to penetrate new domestic or foreign markets, develop new and services, or improve existing processes for producing products or services

Generally the first within their industry in introducing new products and pursuing new market opportunities

Turf protectors that engage in little or new product/market development

Attempt to maintain positions in existing markets while waiting to see what happens when a competitor introduces a new product or enters a new market

React to environmental situations

Benefit when the move can be secured through patents, exclusive distribution channels, unique brand names or reputation, or licenses

Offering products or services valued by the customers, offering standard products or services produced at a lower cost and usually offered at a lower price, or using a strategy called best cost