MKT 005

LORENZ JACOB D. MASANGKAY

BSBAMM1-01

Certainly, here are five basic strategies and their benefits to your business:

1. **Market Penetration**: Increasing market share by selling more of your current products or
services to your existing customer base or by attracting new customers. This can lead to higher sales
revenue, increased brand recognition, and economies of scale through efficient production and
distribution.

2. **Product Development**: Introducing new products or improving existing ones to meet

evolving customer needs and preferences. This strategy can help you stay competitive, differentiate
your offerings, and capitalize on emerging trends, leading to increased sales and market share.

3. **Market Development**: Expanding into new markets, either geographically or

demographically, to reach new customer segments. This can diversify your customer base, reduce
dependency on specific markets, and create new revenue opportunities, thereby enhancing business
resilience and growth potential.

4. **Diversification**: Investing in unrelated products, services, or industries to spread risk and

seize new growth opportunities. Diversification can protect your business from market fluctuations,
capitalize on synergies between different business units, and create additional revenue streams for
sustained profitability.

5. **Cost Leadership**: Focusing on cost efficiency and optimization to offer products or services at
lower prices than competitors. This can attract price-sensitive customers, increase market share, and
improve profitability through higher sales volume and cost savings achieved through economies of
scale and operational efficiencies.