Evaluating Market Opportunities Techniques
Broad Techniques
- Niche Strategy: Find a niche of customers undeserved by current offerings
- Growth Strategy: Increase revenue from existing market niches and deliver better offerings to new target markets
- Defensive Strategy: Maintain leadership position by developing brand loyalty, mass distribution
- Offensive Strategy: Adopt a policy of destroyer pricing to preempt the entry of new firms or drive away the existing competitors.
Specific Techniques
- Market Penetration: Increase sales of an organization's current products in the present market through a more aggressive marketing campaign
- Market Development: Increase sales by selling present products in new markets, possibly to satisfy new consumer needs or to identify new market segments
- Product Development: Offer new and improved products to the current market
- Diversification: Move into multiple lines of revenue generation