Market penetration - involves selling more established products into existing markets, often by increased promotion or price reductions or better routes to market, for example online.
Product development - involves developing new products or services and placing them into existing markets.
Market development - entails taking existing products or services and selling them in new markets.
Diversification - involves developing new products and putting them into new markets at the same time. Diversification is considered the most risky strategy. This is because the business is expanding into areas outside its core activities and experience as well as targeting a new audience. It also has to bear the costs of new product development.
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