Bine Lane is a fabric store that sells only cotton clothing. After a situation analysis, the marketing team of Bine Lane wants its current customers to visit and purchase from the store more frequently. Which of the following growth strategies should Bine Lane follow to achieve its objective? a. Wholesale format development growth opportunityb. Retail format development growth opportunityc. Market penetration growth opportunityd. Diversification growth opportunitye. Market expansion growth opportunity

Question

Business

Osvaldo Berg

15 August, 02:17

Bine Lane is a fabric store that sells only cotton clothing. After a situation analysis, the marketing team of Bine Lane wants its current customers to visit and purchase from the store more frequently. Which of the following growth strategies should Bine Lane follow to achieve its objective? a. Wholesale format development growth opportunityb. Retail format development growth opportunityc. Market penetration growth opportunityd. Diversification growth opportunitye. Market expansion growth opportunity

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Answers (1)

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Shyla Hart · Answer 1

c. Market penetration growth opportunity

Explanation:

Based on the scenario being described within the question it can be said that the strategy that Bine Lane should follow is a market penetration growth opportunity. That is because this strategy revolves around trying to increase sales growth of a company's existing products in the existing market with the hopes of increasing the company's market share. Which is exactly what Bine Lane is trying to accomplish, therefore this is the best strategy to follow.