Strategies for success!

"Companies need growth if they are to compete more effectively, satisfy their stakeholders, and attract top talent (Armstrong & Kotler, marketing, pg. 42)."

Seeking opportunities and applying strategies to effectively welcome growth will support "My Ghetto Cookbook" on many different levels. The product/market expansion grid will help identify the growth opportunities that will fulfill the goals and market for my product. The grid focuses on four points which are as follows market penetration, product development, market development, and diversification. Basically it takes a look at existing markets and products, and new markets and products. Market development focuses on my current product this leads to identifying new markets where my product can introduce and expand itself. I would then want to consider product development after "My Ghetto Cookbook" gets the support needed, it will develop stepping stones to produce and look into other possibilities for the future. Diversification, the last strategy of growth I will discuss is involving other businesses and markets outside of the company to participate in current products. Involving a mixture of diverse items into a product will capture each different customer in their own emotional way. The benefit of different products shows there is something available for everyone. Although companies need growth as the environment changes downsizing in the company or product line may come into affect if abandoning a product, or recipe is necessary it will be considered. "In addition to being good at the marketing in marketing management, companies also need to pay attention to the management (Armstrong & Kotler, marketing, pg. 52)." Evaluating and improving the plans that are being made is essential for turning those plans into action. Focusing on all areas and taking action while making adjustments will boost the excitement of my cookbook helping me to accomplish the arrangements of success! Analyzing and planning while including SWOT analysis evaluates my plan into four categories. Internally by strengths which guides me to reach objectives also defining weaknesses which can set limitations and make it difficult to overcome objectives. Externally will evaluate the opportunities that can be taken to my advantage, and threats that will challenge the situation but being aware of the negative side of things will lead me to focus on the strengths and opportunities.