Market Penetration Strategy which focuses on current products and current

Market penetration strategy which focuses on current

This preview shows page 4 - 6 out of 7 pages.

Market Penetration Strategy – which focuses on current products and current markets with the goal of increasing market share 2) Market Development – using existing products to capture new markets 3) Product development – creating new products that can be sold in existing markets. 4) Diversification – creating completely new opportunities by developing new products that will be introduced in new markets. Greenhouse has been using all the 4 growth strategies as time proceeds. It is practicing marketing penetration by decreasing the prices of the existing products. Its products are now 40% cheaper than what they were when the organization started (2$-16$ TO 2$-8$). It has been also increasing promotion and distribution efforts of their products. For instance, it has been creating awareness for its brand stems from dedicated Greenhouse counters that it placed in unexpected places like flower shops, indies cafés and bookstores. It has been practicing product development by manufacturing plant-based drinks and categorizing them in 6 categories and it also merged with Canopy Rivers. It has also adopted market development strategy as the co- founder of the organization said that they would like to open stores back in California. And the company also is developing to increase sales in different regions of Canada. And finally, it practiced diversification too by adding to cart plant-based snacks alongside plant-based drinks. 5. With Greenhouse’s access to customer data, explain how Greenhouse can effectively use CRM to attract, retain and extend the value of its customers over the lifetime of the relationship. CRM refers to using the data which you possess at its best and discovering noteworthy information about Greenhouses’ customers, how they react to the marketing process. Green house can store data in CRM which then can help it to recognize behavioral patterns and insights for how to prevent customers from leaving. Greenhouse reward points to the potential customers who after using the product, return the bottles to the nearest store. Using this type of rewarding techniques Greenhouse can study their customers and thus providing and satisfying the need of every customer by fulfilling each of their preferences which can be different. Additionally, at their community like feeling stores, they encourage questions of their consumers and even give them the opportunity for sampling their products and their feedbacks
Image of page 4
can be used to develop their product and making it thus more satisfying for consumer. Greenhouse has an app, a website and even an Instagram page where it interacts with its customers. Thus, with access to customer data, Greenhouse can effectively use CRM to attract, retain and add value to its customers.
Image of page 5
Image of page 6

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture