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    Assignment: "Product Market Expansion Grid"

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    Tanjidur Rahman
    The document discusses Aarong's use of the product market expansion grid to develop growth strategies. It explains the four strategies as market penetration, product development, market development, and diversification. For market penetration, Aarong redesigns stores, increases promotions, improves service, and adjusts prices based on customer feedback to introduce current products to existing customers. For product development, it adds new product lines like women's casual wear to attract existing customers. For market development, it expands to new cities to reach more customers. For diversification, it offers new products like dairy to new customers under the Aarong brand.

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    Assignment: "Product Market Expansion Grid"

    Uploaded by

    Tanjidur Rahman
    254 views9 pages
    The document discusses Aarong's use of the product market expansion grid to develop growth strategies. It explains the four strategies as market penetration, product development, market development, and diversification. For market penetration, Aarong redesigns stores, increases promotions, improves service, and adjusts prices based on customer feedback to introduce current products to existing customers. For product development, it adds new product lines like women's casual wear to attract existing customers. For market development, it expands to new cities to reach more customers. For diversification, it offers new products like dairy to new customers under the Aarong brand.

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    Aarong (1)

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    The document discusses Aarong's use of the product market expansion grid to develop growth strategies. It explains the four strategies as market penetration, product development, market development, and diversification. For market penetration, Aarong redesigns stores, increases promotions, improves service, and adjusts prices based on customer feedback to introduce current products to existing customers. For product development, it adds new product lines like women's casual wear to attract existing customers. For market development, it expands to new cities to reach more customers. For diversification, it offers new products like dairy to new customers under the Aarong brand.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    254 views9 pages

    Assignment: "Product Market Expansion Grid"

    Uploaded by

    Tanjidur Rahman
    The document discusses Aarong's use of the product market expansion grid to develop growth strategies. It explains the four strategies as market penetration, product development, market development, and diversification. For market penetration, Aarong redesigns stores, increases promotions, improves service, and adjusts prices based on customer feedback to introduce current products to existing customers. For product development, it adds new product lines like women's casual wear to attract existing customers. For market development, it expands to new cities to reach more customers. For diversification, it offers new products like dairy to new customers under the Aarong brand.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 9

    Assignment

    “Product Market Expansion Grid”

    Name: Kazi Tangidur Rahman


    ID: 1921434
    Section: 6
    Course Title: Principles of Marketing
    Course Code: MKT201
    Product Market Expansion Grid

    The Product Market Expansion Grid is a business tool which is used to develop business growth
    strategies by searching the relationship between new and existing products, new and
    existing markets, and the risk associated with each possible relationship.

    There are four product market growth strategies.

    1. Market Penetration
    2. Product Development
    3. Market development
    4. Diversification
    Product

    Aarong is a chain of Bangladeshi department stores specializing in Bengali ethnic wear and
    handicrafts. It is owned by the non-profit development agency BRAC, and employs thousands of
    rural artisans across the country. It currently operates twenty-one outlets in nine Bangladeshi
    metropolitan cities.
    Aarong Market Expansion Grid
    Market Penetration: It is the strategy of introducing current product to its existing customer.
    On that stage, existing customers are aware of current product but not making effort to purchase
    that new product. So that, Aarong has taken some penetration strategy which is given below:

    1. Redesigning the store.


    2. Increasing the promotions.
    3. Improving the service
    4. Adjust the prices based on customer feedback.

    Product Development: This particular strategy is taken by company when company introduce
    new product to its existing customer. This strategy is taken by company because customers don’t
    buy the old product or they want something new in their product line. Aarong has also taken this
    strategy for keep their brand equity high and unique. Aarong has added new product line to their
    product mix. E.g. Taaga (female casual wear blending with traditional design) and maternity
    wear.

    Market Development: Through market development, company introduces its current products
    to the new customer. This strategy is mainly taken for to capture undifferentiated customer and
    for expand its market reach. Some of the market development strategy taken by Aarong is given
    below:

    1. Since 1983, developing its market in metropolitan cities.


    2. In February 2017, Aarong has opened store in Bashundhara city.
    Diversification: This strategy is all about offering new products for new customer under the
    same brand. This strategy is highly risky for company. This strategy also required big amount of
    investment, time and resources. Still this approach is good for company explanation and security.
    Through this strategy, company doesn’t stick with one category or type of business. Aarong has
    also successfully expanded their market in dairy products. The company is also working on very
    fine piece of craftsmanship which can be appreciate by collectors or people who adore fine crafts
    in exchange of extra price.

    Is the strategy of introducing current


    product to
    its existing customer. On that stage,
    existing customer are aware of current
    product
    but not making effort to purchase
    those new product. For that, Aarong
    has taken
    some penetration strategy which are
    given below
    Is the strategy of introducing current
    product to
    its existing customer. On that stage,
    existing customer are aware of current
    product
    but not making effort to purchase
    those new product. For that, Aarong
    has taken
    some penetration strategy which are
    given below
    Is the strategy of introducing current
    product to
    its existing customer. On that stage,
    existing customer are aware of current
    product
    but not making effort to purchase
    those new product. For that, Aarong
    has taken
    some penetration strategy which are
    given below
    Is the strategy of introducing current
    product to
    its existing customer. On that stage,
    existing customer are aware of current
    product
    but not making effort to purchase
    those new product. For that, Aarong
    has taken
    some penetration strategy which are
    given below
    Is the strategy of introducing current
    product to
    its existing customer. On that stage,
    existing customer are aware of current
    product
    but not making effort to purchase
    those new product. For that, Aarong
    has taken
    some penetration strategy which are
    given below
    Is the strategy of introducing current
    product to
    its existing customer. On that stage,
    existing customer are aware of current
    product
    but not making effort to purchase
    those new product. For that, Aarong
    has taken
    some penetration strategy which are
    given below
    Is the strategy of introducing current
    product to
    its existing customer. On that stage,
    existing customer are aware of current
    product
    but not making effort to purchase
    those new product. For that, Aarong
    has taken
    some penetration strategy which are
    given below
    Is the strategy of introducing current
    product to
    its existing customer. On that stage,
    existing customer are aware of current
    product
    but not making effort to purchase
    those new product. For that, Aarong
    has taken
    some penetration strategy which are
    given below

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