Great Skate skateboarding parks' marketing team wants to stay open until 3:00 a.m.The parks currently close at midnight.Most likely,this would be classified as a __________ strategy in Ansoff's Product-Market Matrix.

Question

Quizplus · Accepted Answer

Market penetration refers to the strategy of increasing sales of existing products in existing markets. Great Skate is already operating in the skateboarding park market and they are looking to extend their hours to increase sales. Therefore, it would be classified as a market penetration strategy in Ansoff's Product-Market Matrix. The other options, such as market diversification, marketing strategy development, product development, and market development, are not applicable because they involve either introducing new products or expanding into new markets.

Great Skate Skateboarding Parks' Marketing Team Wants to Stay Open