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Task 5 Choosing the marketing strategy. I am going to look at the different market strategies that exist and the strategy my product will use. Ansoff's matrix is one of the most well know frameworks for deciding upon strategies for growth. Product Market Present New Present Market Penetration Product Development New Market Development Diversification Marketing Penetration Here we market our existing products to our existing customers. This means increasing our revenue by, for example, promoting the product, repositioning the brand, and so on. However, the product is not altered and we do not seek any new customers. Market Development Here we market our existing product range in a new market. This means that the product remains the same, but it is marketed to a new audience. Exporting the product, or marketing it in a new region, are examples of market development. Product Development This is a new product to be marketed to our existing customers. Here we develop and innovate new product offerings to replace...

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