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Read the scenario below and answer the questions that follow - NSC Business Studies - Question 4 - 2022 - Paper 1
Question 4
Read the scenario below and answer the questions that follow. TOM TRADING ENTERPRISE (TTE) Tom Trading Enterprise wanted to increase the sale of their products. TT... show full transcript
Worked Solution & Example Answer:Read the scenario below and answer the questions that follow - NSC Business Studies - Question 4 - 2022 - Paper 1
Step 1
Identify the type of intensive strategy used by TTE in the scenario above.
Answer
The type of intensive strategy used by Tom Trading Enterprise (TTE) in the scenario is 'Market Penetration.' This strategy focuses on increasing sales of existing products within the current market by employing additional sales representatives to reach more consumers.
Step 2
Explain TWO other types of intensive strategies.
Answer
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Market Development: This strategy involves seeking new markets for existing products. TTE could explore distributing its products in different regional markets or new demographic segments to enhance sales.
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Product Development: This strategy entails developing new products to sell to the existing market. TTE can innovate by introducing variations of their existing products or entirely new offerings that cater to the needs of their current customers.