List a product that matches each of the 4 quadrants along with a short descripti
ID: 325224 • Letter: L
Question
List a product that matches each of the 4 quadrants along with a short description of why the product fits that approach.
MARKET
Existing New
Market Penetration
Focusing on your product and market by niching
Market Development
Leveraging your product knowledge to reach new markets
Product Development
Leveraging your market knowledge to develop new products
Innovation
Diversifying by offering new products in new markets
Market Penetration
Focusing on your product and market by niching
Market Development
Leveraging your product knowledge to reach new markets
Product Development
Leveraging your market knowledge to develop new products
Innovation
Diversifying by offering new products in new markets
Explanation / Answer
The above given quadrant is suitable for products which are widely accepted. In other words, the product goes well with any class of indutry, genre etc. Below is a porduct which suits perfectly with all the above 4 quadrants.
Coca Cola
Market Penetration : Market Penetration is something where a product is pushed to existing customers or a to new customers of the same industry. This strategy has been used by Coca Cola during the festival seasons where try to sell their product by promoting the flavour of the season.These are primarily targeted towards the existing customer base.
Product Development : Product Development is the development of a new product in the existing market. The prime example in this category is the introduction of Cherry Coke which was launched to suffice the needs of their exostong customers which had a flavour which was liked by people.
Market Development : Market development is targeting new customers with the existing product. The prime example for this is the launch of Coke Zero. It was a similar product which was earlier named as Diet Coke. As Diet Coke was referred to as a woman's drink and was accepted by Women, the men shied away from this one. To ensure that men also prefer this product, they launched the Coke Zero with a new brand logo and design which would attract the men audience.
Innovation : Innovation is the launch of a new product by getting into newer segments and targeting new customers. This would lead to a new product development. Coca Cola, in order to keep up with the pace of the new trend of sugar free health drinks, Coca Cola tied up with Glaceau to offer health drinks to its customers.
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