Review the below described Concentration strategies in the textbook. These are strategies that involve trying to successfully compete only within a single industry. There are three concentration strategies:
- Market penetration involves trying to gain additional share of a companyâ€™s existing markets using existing products. Often companies will rely on advertising to attract new customers with existing markets.
- Market development involves taking existing products and trying to sell them within new markets. One way to reach a new market is to enter a new retail channel or geographic areas.
- Product development involves creating new products to serve existing markets.
Select one of these and find an article that describes a company that has successfully used this strategy. Identify the company and provide an analysis of what the company has done. Also, from your own learning from the class, assess what the company did to make this successful.