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CHAPTER - 5 Marketing in Small Business
CHAPTER - 5 Marketing in Small Business
Focal product, service or New products or services closely Directed to the same market
line of merchandise related to those initially offered. segment or niche as those
initially offered
Concentric diversification of markets or customers
Focal product, service or Focus of products, services New market segments open
line of merchandise or line of merchandise is through expanded range of
maintained customers, niches
Concentration : consider how to grow, and the pace of growth.
Growth can be achieved by concentrating on a specific market
with high-priced goods for selected clients in up market
locations.
An intense growth can also be achieved through “market
penetration” tactics that include;
low prices,
pervasive advertising, and
sales promotions.
New market development : is a method of intense growth is to
develop several closely associated markets. This is called
concentric diversification in which the entrepreneur emphasizes
finding new customer niches.
New Product Development
A third alternative is product diversification which
means to develop new products or services that are
closely associated with existing product and
services. This is also called concentric
diversification, and is some instances, related
diversification.
Entrepreneurs consciously choose to add to their
product lines, yet they stick close to their initial
products or services, building on their distinct
competencies.