Market development: You are going to sell your old trusted product in a new market. For example, by choosing a new target group that can also use your existing product.
Product development: You are developing a new product for an existing market. So there has to be something different, otherwise you will not be able to distinguish yourself from the existing suppliers.
Diversification: The most difficult growth strategy. Developing a new product for a new market.
Do you know which growth strategy janitor Shaibel chose for Beth? It was product development . A new product (unknown little girl) was introduced in an existing market (the chess world). Shaibel knew that Beth was unique because of her talent, her young age and her gender. He was right. The chosen growth strategy worked and Beth grew to the top of the market.
When you choose this growth strategy, it is useful to have a wheelbarrow. For example, link another product that is already successful to the new product. In the case of Beth Harmon, russia telegram data Shaibel introduced her to the chess club. If she had wanted to reach the top herself, she would have had to put in a lot more effort.
Another company that frequently uses this growth strategy is Apple. By introducing a new iPhone in an existing market each time, growth within the company continues. Car brands that are now coming out with an electric car also opt for this growth strategy and choose their existing models as a wheelbarrow.
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2. Competitive analysis
In marketing, it is common to do a competitor analysis. But it is also very common in the chess world. Beth Harmon read all the books of her competitors. She played their games and replayed the moves. This way she knew how the players thought and what they liked to do on the chessboard. She learned their weak spots and saw the opportunities to beat her opponents.
It is also useful in your business to make a good competitive analysis. In order to arrive at a good competitive analysis, Beth found it very useful that so much information already existed, even first-hand. In the business world, however, it is not so common for every company to make its strategies public. So you will have to look for that in annual reports, via social media, in marketing campaigns or in press releases.
