Business strategies are fundamental for the good business development of any organization. In this post we have as protagonists the intensive growth strategies, of which we will see their concept and examples.
In this case, we talk about a series of approaches that aim to broaden the spectrum of action. For example, when a company has a product that it wishes to sell to a new market segment. To do this, it is necessary to design a new strategy to offer it more effectively.
Intensive growth strategies
These are strategies that are implemented when the opportunities for a product or service in a particular market still exist. In this sense, there are 3 different types of intensive growth strategies:
- Penetration: consists of creating intensive marketing campaigns to build loyalty among the company’s existing customers, attract those of the competition and those who are undecided. Example: a DIY home furnishings brand that can tailor its message to the current product offering.
- Market development: in this option, the focus is on attracting new potential customers from other markets that have not yet been reached. Example: a health beverage brand that is projected into a new international market.
- Product or service development: involves the creation of new products or services, or focuses on improving those that are already part of the offer to bring more benefits to customers. Example: a vehicle brand develops a range of electric cars with a new technology.
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