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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. TTE... 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) is market penetration. This approach focuses on increasing the market share for already established products within existing markets by employing additional sales representatives.
Step 2
Explain TWO other types of intensive strategies.
Answer
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Market Development: This strategy involves expanding the sales of existing products into new markets. TTE can explore selling their products in different provinces or regions, aiming to attract new customers and increase overall sales.
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Product Development: This approach focuses on developing new products or improving existing products to meet customer needs better. For instance, TTE could enhance their current product line or introduce a new version to attract more buyers and drive higher sales volumes.