According to the Ansoff Matrix, a strategy of building customer loyalty and securing market share is:
Answers
Answer:
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Answer:
A product development strategy is a means of securing market share and strengthening consumer loyalty.
Explanation:
The Ansoff Matrix, also known as the Product/Market Expansion Grid, is a two-by-two framework used by management teams and the analyst community to aid in the planning and evaluation of expansion projects.
The tool specifically aids stakeholders in conceptualizing the level of risk connected to various growth strategies.
Product Development
A business could try to gain a larger portion of a certain market's sales.
Considering it as a practice of brand loyalty, which may be acquired in a variety of ways, including:
- Investing in R&D to create an entirely new product (s).
- Buying the rights to make and market a product developed by another company (s).
- Using a white-label product that was really made by a private entity to brand and launch a new service.
An illustration would be a cosmetics company that manufactures and markets hair care items that appeal to ladies in the 28–35 age range.
In an effort to capitalize on the brand's popularity and loyal following within this group, they heavily invest in the production of a new line of beauty products, anticipating that the present target market will embrace it.
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