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iSeeit!: Identifying Four Basic Growth Strategies

Strategic planning is the process of thoughtfully defining a firm$$s objectives and developing an approach for achieving those objectives. Strategic planning is one of the more essential tasks that marketers undertake. A goal of strategic planning is to ensure the growth of a firm. This activity is important because a company$$s growth strategy can follow various paths based on the product and industry, and each must represent the relationship between products and markets.

The goal of this activity is to illustrate how the Upcycled Dog$$s marketer considers the most effective strategy for ensuring the firm$$s competitive advantage and growth.

Click the $?$ button to watch the video. Then, answer the questions that follow.

Marco has gotten questions from customers about digital pet feeders for their dogs. If Marco decides to introduce a new digital pet feeder to the Upcycled Dog accessories line, which growth strategy would he be using?

Multiple Choice

competitive advantage

product development

market penetration

diversification

market development