Choosing strategic direction

Market penetration

A strategy focused on increasing sales of existing products or services in current markets, often through pricing adjustments, marketing campaigns, or expanding distribution channels.

Market development

A strategy aimed at expanding into new market segments or geographical areas with existing products or services, targeting new customer groups or market segments.

New product development

The process of creating and introducing innovative products or services to meet evolving customer needs or to enter new markets, involving research, design, testing and launch phases.

Diversification

A strategy involving the expansion of a company's business activities into new products, services and markets that are unrelated to its current offerings, aiming to spread risk and capture new opportunities.

Competitive advantage

The unique strengths, capabilities or resources that enable a company to outperform its competitors and achieve superior performance in the marketplace, leading to increased market share or profitability.