D1 helps sheet
Market penetration * Increases awareness of product * Can be helpful to customers (personal selling) but some customers do not like to be hassled * Loyalty schemes can make customers feel valued and increased sales
Market development * Increase awareness of product in other countries * Brand focuses on appealing to more groups of people therefore making more money * Sometimes brand can do better than country of origin
Product development * Keeps business up to date with technological advances and other products on the market * Sometimes customers do not like developed products * Developed products can have glitches * Expensive
Diversification
* Expensive * Can be risky if new product/idea is not successful * If successful can improve reputation of the brand and increase profits * Sometimes customers do not know about area of diversification
Brand awareness * Company becomes more popular * Can endorse events and products which increase popularity * People are more likely to buy other products the company develops like Heinz with beans, ketchup and soup. * Simple brands can be the most effective * Other companies can copy brand and then benefit from the original businesses reputation
Survival strategies * Business has a plan if they fall into a situation where they need help to stay afloat or successful * Takeovers, store closures and redundancies can affect staff morale and staff turnover * Use of survival strategies can affect share prices and reputation * Use of survival strategies can protect a business that has been around for years
Relationship marketing * Increased profits * You may over advertise – don’t overwhelm customers with emails and text etc as this can be seen as a nuisance * Customer feels valued * Brand becomes