Strategies for Management Improvement Essay Example | Topics and Well Written Essays - 3500 words

Strategies for Management Improvement - Essay Example These are what to sell and whom to sell (Stone, 2001). It is entirely related to the markets and products. In this matrix, there are four quadrants that represent four courses of action that could be considered while making any strategic decisions regarding the growth of the organization. The matrix is shown below. In this growth strategy, existing products of the organization are sold in the existing markets. There are four major objectives that could be achieved by adopting market penetration strategy. These are increasing or maintaining the current market share of the existing products, securing dominance in the growth markets, restructuring a grown-up market and finally increasing the usage of the existing products by the existing customers. Increasing or maintaining the current market share of the existing products: this objective could be attained by adopting more competitive strategies regarding pricing, advertising. Putting in more resources into personal selling might also be helpful in achieving this objective. Restructuring a grown-up market: Any mature or grown up market could be restructured by driving out the competitors. Innovative pricing strategies need to be designed so that the competitors consider the market as an unattractive one. Again extensive promotional campaign would work as a catalyst in the process. In the ‘market development’ growth strategy existing products are sold into new markets. Implementation of this strategy would include selling products in new geographical locations, establishing or finding new distribution channels and designing innovative pricing policies. One of the most effective growth strategies is introducing new products in the existing markets where the organization already has its presence. New competencies are required to develop in order to adopt this strategy. Organizations can either develop entirely new products or simply modify the existing products in order to get the attention of the customers in the existing markets.