MKT 100 Lecture Notes - Lecture 2: Canadian Tire, Habitat, Swot Analysis

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Polina Buchan

Document Summary

Framework created by igor ansoff, a russian-american mathematician. He used products and markets to describe business strategies. Market penetration: to maintain or increase the company"s current share of the market with current products. A company can increase the usage of an existing product by current customers by encouraging new applications of this product or it can try to attract customers away from rivals by changing its marketing mix. E. g. rogers offering a deal on bigger data plans for its wireless customers. The target for market penetration strategies are current customers and competitors customers wants current customers to use more of its services and want customers of competitors to switch to their product. Easier to recruit customers already familiar with the company than to recruit outside competitors customers, people unfamiliar with company. All successful companies practice market penetration strategies. Companies can use multiple of these strategies at the same time. Market penetration is usually almost always employed.