Recommendation for Nivea (Khushbakht Vaka) - Recommendations for Nivea Name Khushbakht Vaka ERP 11794 Nivea should use the Ansoff matrix for strategic

Recommendation for Nivea (Khushbakht Vaka) -...

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Recommendations for NiveaName: Khushbakht VakaERP: 11794Nivea should use the Ansoff matrix for strategic planning.
The Ansoff Matrix is a strategic planning tool that provides a framework to help executives,senior managers, and marketers devise strategies for future growth.Market penetrationIn market penetration strategy, the organization tries to grow using its existing offerings(products and services) in existing markets. In other words, it tries to increase its market share incurrent market scenario. This could be done by setting the right price. Prices of Nivea products must be as per profiles oftarget consumers. At the same time, the price should be at a premium to represent quality. Niveahas always ensured that a “fair” and “reasonable” price is offered to consumers.Nivea could also:(i)Increase promotion and distribution support; (ii)Acquire a rival product/brand in the same market;(iii)Make modest product refinements. Nivea has modified sub-brands to satisfy changingconsumer needs over the years.

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