marketing expansion grid

Marketing expansion grid. Marketing has the main responsibility for achieving profitable growth for the company. The market expansion grid is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development and diversification. To go into details on the points, let’s consider the company Under Armour, established in 1996 in the US, it is a leading brand that produces performance sports apparel First, market penetration is defined by making more sales without changing its original product. This can be done through marketing mix improvements, adjustments to its product design, advertising, pricing, and distribution efforts. For example, Under Armour offers an ever-increasing range of styles and colors in its original apparel lines. The company also added direct-to-consumer distribution channels, including its own retail stores, web site, and toll free call center. Second is market development, which involves identifying and developing new markets for its current products. This can be achieved by reviewing new demographic markets. For instance, the company recently stepped up its emphasis on women consumers rather than just focusing on men’s apparel. Another way to achieve this is to look into new geographical markets. For example, the brand has announced its intentions to expand internationally. Third is product development, involve in offering modified or new products to current markets. For example, Under Armour transformed itself from niche specific sport to a mainstream brand by offering a new line of cross trainer shoes to the market. Recently, Under Armour introduced high performance running shoes to the market. Although this puts them into direct competition with other huge sports brand such as Nike and Adidas, it also offers promise for big growth. Finally is diversification, which means starting up or buying businesses beyond its current products and