The four kinds of market-product strategies Essay

The four kinds of market-product strategies - Essay ExampleThe four kinds of market-product strategies that systems may follow depending upon the availability of their resources and requirements are Same Market New Product (Product Development) In this strategy, an organization introduces the kindred product in the market that he is currently catering to. It is a type of product development that an organization does to retain and increase its potentiality customers by providing solutions that based on the identified requirement of customers. Same Product New Market (Market development) In this strategy, an organization takes the same product that it is currently dealing in to new markets, to turn its prospective customers into its routine and regular customers by identifying a need in that segment. It has much more to do with the identification of the honorable market segment and then offer them with the products from an organizations portfolio. Same Market Same Product (Penetra tion Strategy) If an organization wants to cater the same market with the same product then it must have to follow the penetration strategy. It means organization will have to take the steps to increase its market partake in in the existing market and to follow strategies that will help organization to beat the competition. The most widely accepting activity that organizations do is to reduce the prices. The bring down prices will take the market share away from its competitors.