MARKET PENETRATION
The aim of this strategy is to increase sales of existing products or services on existing markets, and thus to increase your market share..
MARKET DEVELOPMENT
This strategy emphasis on increasing sales of existing products or services on previously unexplored markets. Market expansion involves an analysis of the way in which a company's existing offer can be sold on new markets, or how to grow the existing market, where in uniqueness can make impact on capturing the unexplored market.
PRODUCT DEVELOPMENT
Here the objective is to launch new products or services or to upgrade the existing one in the on-going markets. Product development may be used to extend the offer proposed to current customers with the aim of increasing their turnover. Thus, the uniqueness of the product or services offered can add in to grab the customer interest and there by enhance market share.
DIVERSIFICATION
This means launching new products or services on previously unexplored markets. Diversification is the riskiest strategy but its uniqueness can make it more obvious.