7. Available Options (e-commerce, traditional business, brick and click etc.

 After reviewing the above you should have a few strategies in mind:
i. State these strategies
ii. List advantages & disadvantages of each
iii. State benefits and “costs” of each option
iv. State which strategy/strategies that you recommend and what the next
course of action should be.

Strategies
Product Development strategy : To increase the production of the product there are many factors
which will affect, that includes capital cost of the manufacturing plant, employability, raw material,
quality assurance, clearance from government officials, patents, investors, stakeholders, automate
machines, and health and safety regulations etc. With product development, market research is the
essential element to follow and keep have an eye on new market strategies.

Market Development Strategies: This is the backbone to sell your product and make a good
impression on public sector, so there are different types of market strategies need to be applied for the
product. Start advertising of your product before the official launching date and make good
connections with big retailers, wholesale market, and local customer and also apply diversification
strategy i.e. selling a new product to a new market. These days e-commerce the best and very
convenient method to do marketing such as Facebook, websites, television commercials, brouchers
etc. In addition to this, attract your customers with handful of offers and with one best tag line for
example: this is sustainable product and edible having no side effects, so choose some cheesy Tag
lines. Then launch a product followed by campaigns and keep advertising. Very important market
strategy is always welcome feedback of customers this will help to improve the product and some
unconscious bias effects.

Foreign market strategies: International markets are very keen these days for sustainable product with
zero environment effect, so this product will hit the market easily but still need to keep very important
steps in mind such as importing and exporting, foreign trade businesses such as in Australia Grocery
chains like Coles and Woolworth are biggest trading business to approach for that product. Non-
equity Arrangements strategy need to follow to enter in international market to attain the sales and get
the profits

Advantages and Disadvantages of above mentioned strategies:

 Increase customer satisfaction level and identify their needs

 Incline market value and help to achieve targets of sales
 Increase profit and decline the risk of failure
 Fast growth of the business leads to market penetration which is the most effective
act
 Target Competitors – One of the best parts of the market development strategy is
targeting the competitors.
 Product become worldwide famous if successfully launch international and increase
revenue.

Dis
 Product development strategy is expensive and time consuming
 Slow down the sale of existing products and wastage of resources
  Higher potential risk in foreign exchange markets
 High amount of investment and insurance is required

Benefits & Cost

 The advantages as above said are representing their benefits as well such as
product become available worldwide and increase revenue to company and
fast growth of the business.
 But to develop a product strategy and marketing strategy it involves high
cost, to enhance manufacturing capacity would require capital injection
which is not possible in all by own the entrepreneur himself because he has
already mortgaged his one and only property his flat. The external investment
would require convincing investors.
We recommend the Market development strategy because based upon this strategy anyone can pre-
plan their future objectives and develop more strategically thinking around successful launching the
product. Their research will help to enhance their business and make good relations with customers
and stakeholders. Next course of action would be keep focusing on new market strategies and new
innovative ideas for future generations in terms of sustainable environment.

 http://blog.innocellence.com/2015/11/19/what-are-the-advantages-and-risks-of-
product-innovation-and-how-can-a-digital-innovation-consultant-help/
 https://www.linkedin.com/pulse/market-penetration-strategy-definition-pros-cons-
marcio-monti
 http://www.fao.org/docrep/w5973e/w5973e0b.htm

 Successful product innovation can lead not just to products that satisfy
the existing needs of customers — it can also lead to market expanding
breakthrough products that satisfy needs that customers never knew they
ha
 Increased Market Share: Innovating a product that alleviates customer "pain points" and disrupts the
target market can greatly improve market share, which can enable economies of scale and increase a
company’s market power.
 Increased Profit: Developing an innovative product that’s unique and superior to what the competition
offers can lead to profit growth. In fact, more than 90% of the world’s 100 most innovative companies have
experienced positive sales growth due to innovation, according to a recent Forbes report.
 Success in Failure: The "failed" result of innovation for one target market can end up being a disruptive
and profitable innovation that can be applied to other markets. Penicillin, plastic, saccharin, WD-40, and
the pacema

 Dis
 Innovation Is Costly: While the amount of time and resources invested in
product innovation varies, companies can expect to spend around 3.5% to
more than 20% of their total revenue in R&D, with the pharma and
technology industries spending the most to innovate.
 Unwanted Market Cannibalization: Introducing an innovative “new”
product to expand market share can backfire if a company’s product ends
up eating into the market share of its other products, which can reduce
product life cycles and lead to little or no sales growth.
 Wasted Time and Resources: A company can spend months and a 5- to
7-figure budget developing a new product only to see it fail because
competitors went to market faster or the market was simply uninterested in
the product.