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The Alternative Expansion Strategies for a Company Using the Product/market

question 64

Essay

The alternative expansion strategies for a company using the product/market expansion grid are market penetration, market development, product development and diversification. Briefly outline each of the strategies and give examples of the companies using different strategies.


Definitions:

Chocolate-Covered Peanuts

A snack made by coating peanuts in chocolate, combining the flavors and textures of both ingredients.

Strawberry-Flavored

It indicates a product or item that is designed to taste like strawberries, often achieved through natural or artificial flavoring agents.

Price Elasticity

Evaluation of how price variations influence the demand magnitude for a specific good.

Substitute Goods

Products or services that can be used in place of each other, fulfilling similar needs or desires for the consumer.

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