3. Market Development – is growing sales by launching existing products into new markets. Starbucks are a great example of this by having coffee shops all over the world.
4. Diversification – is launching new products into a new market, potentially increasing sales by a significant amount. However, this is the most risky strategy. Starbuck’s latest plans to launch a new food range is a diversification strategy because the firm is using a new product to tap into a new market for meals.