Light of the future aims of Biocote Ltd

by | Nov 17, 2021 | Homework Help

Essay on Choose a particular strategy and evaluate it in light of the future aims of Biocote Ltd. Paper must be at least 750 words. Market penetration strategies are most effective when a company seeks to expand its product market. The Biocote’s Ltd current market has its limitation and venturing into other markets will benefit the company immensely. This paper will discuss in detail how Biocote Ltd can implement market penetration strategies and evaluate the strategy.Biocote Ltd can rely on price penetration as one of the most effective approaches used by other businesses that pursuing market penetration. Price penetration requires the company to lower the prices of its products, a factor that is likely to attract new customers in the new market. Adopting a cost production approach will allow Biocote Ltd to lower its prices and have a competitive advantage over its competitors. In other cases, modifying the product may justify the price reduction to increase sales later. Lowering prices has often proved to be an effective strategy for companies that need to penetrate into new markets. The executive and marketing team of Biocote Ltd should give this aspect a proper consideration.A second effective approach to implementing a market penetration strategy is through increased promotions. Notably, promotions have the capacity to create brand awareness and motivate customers in a new market to try out the products. Increased brand recognition and awareness translate into increased sales. Therefore, promotions can help Biocote Ltd to establish a strong customer base in the new market. The company should introduce promotions such as trade discounts and other offers when it moves into a new market. However, there is a salient need for Biocote Ltd to be more aware of the dynamics defining the new markets, as well as the customer preferences and dynamics. Such knowledge will help the company design the most effective promotion. Biocote Ltd can register increased sales in both the healthcare

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