From the scenario, suggest two (2) marketing strategy options that Golds Reling, Inc. could implement. Next, select the option that you believe will be most effective for the new product launch. Justify your response.
In the scenario, the 4 possible marketing strategies were illustrated with Ansoff’s Product/Market Growth Matrix. Listed within the strategy quadrants for current markets, market penetration and product development are two such strategies (Iacobucci, 2013). (See graph in Figure 1.) It is important to note that a complete assessment of the 5 forces, the rivalry of existing competitors, the threat of new entrants, the bargaining power of suppliers and buyers, and the threat of substitutes, must first be accurately conducted (Porter, 2008). (See graph in Figure 2.) This assessment must also consider trends that will change the market landscape. Market penetration applies to current products, where the firm sets a specific goal for penetrating the current market with their existing pr