Entrepreneur

Skills you need to be successful entrepreneur

 

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Market penetration tactics
To devise a good market penetration strategy, you must have a successful product and a detailed knowledge of your market. You must also thoroughly understand your competitors.
You can usually achieve market penetration in four ways.
Product development: With product development, you are introducing a new product into your existing market. You’re effectively selling something different to the same customer, potentially encountering greater risks. With product development, a business usually has one of three choices. You can:
Market development: Another option is market development, where you try to sell an existing product in a brand new market. For example, you may want to segment your existing market or reposition your product in it or target an entirely different geographical area. Market development is a growth strategy that involves selling your existing products or services to a new group of customers. Diversification: Finally, with diversification, you are aiming to sell completely different goods or services to completely different customers. This is typically the riskiest of options; it requires both product and market development.
Conclusion
Starting and growing a business requires a significant amount of time, effort and planning. Quick decisions and big investments may be appealing, but unless they translate into functional and sustainable business models, the temporary excitement can lead to very public disappointment.
Before you take steps to grow your business, you need to document your growth strategy. The research and documentation will take time, but the upfront investment will pay off in the end. Keep in mind that to succeed, your growth strategy has to be deliberate. Success will require a great deal of research and thorough planning for business growth.
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