Colin owns a dog food business, but wants to develop a canine fashion line as a way of expanding his portfolio and increasing sales and profits. One of the things customers love about Colin's company is that all of the products are manufactured locally, creating jobs for young people. Though he does not have a lot of money and hopes that he won't have to hire new staff, he thinks he might have to. Rather than developing a canine fashion line, which of the following alternatives can you suggest to Colin?
A) Colin should use cannibalization strategy.
B) Colin should use a market penetration strategy.
C) Colin should outsource his company's jobs to cut costs.
D) Colin should consider selling his business to a larger pet food company.
E) Colin should hire a marketing company to help him promote his products.

Question

Quizplus · Accepted Answer

A market penetration strategy would allow Colin to focus on increasing sales of his existing dog food products, potentially through promotions or expanding his market reach, without the need to develop a new product line or hire additional staff.

Colin Owns a Dog Food Business, but Wants to Develop