According to the Ansoff Matrix, a strategy of building customer loyalty and securing market share is:
Answers
According to the Ansoff Matrix, a strategy of building customer loyalty and securing market share is market penetration.
The Ansoff Matrix is a strategic planning tool that helps organizations identify growth opportunities. It consists of four growth strategies:
- Market Penetration
- Market Development
- Product Development
- Diversification.
Market penetration refers to increasing sales of an existing product in an existing market. This can be achieved through various tactics such as price discounts, increased marketing efforts, and improved customer service.
The goal of market penetration is to build customer loyalty and secure market share.
Other growth strategies identified by the Ansoff Matrix include market development (selling existing products to new markets), product development (introducing new products to existing markets), and diversification (introducing new products to new markets).
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