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17 December, 10:15

Compare the advantages and disadvantages of Ben & Jerry's attempting to expand sales revenues by using (a) a product development strategy or (b) a market development strategy

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  1. 17 December, 11:20
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    Product Development Strategy:

    Advantages - Existing customer seize, market share capture Disadvantages - Product development & market study cost, First rider innovativeness importance

    Market Development Strategy:

    Advantages - Only market analysis needed, market segment & channel expansion Disadvantages : Product Modification as per new market, rapidly evolving markets

    Explanation:

    Product Development Strategy involves growth by introducing new products & services into existing markets

    Market Development strategy involves growth by introducing existing products & services into new markets.

    Advantages of Product Development Strategy:

    Seizing already existing customer base with new product opportunity Market share capture in the existing industry niche

    Disadvantages of Product Development Strategy:

    Extra product development, market study cost before revenue earnings Important to be competitive first rider innovator of new products, should make sure not to enter a saturated market with an old product

    Advantages of Market Development Strategy

    Only market research & analysis needs to be done (not product development from scratch) as the product is already operative Expansion by new market segments & new distribution channels

    Disadvantages of Market Development Strategy

    Product, marketing modification as per new markets might be a needed analytical step Evolving Markets : Efficient new market study & research might be too time consuming, meanwhile the markets might change or evolve.
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