Speedo Marketing Strategy in India

Speedo Marketing Strategy in India

Introduction

Ansoff's matrix is a specialized marketing planning tool that connects a company's strategy of marketing with its vision and leads to the outcome of four different expansion strategies. These strategies are seeking growth through market penetration, market development, Product development and Diversification.

According to Ansoff's matrix product development takes place when a new product is developed for users in the existing market. Diversification according to Ansoff takes place when a company enters completely fresh market with a completely new product introduced to users of that new market. According to Ansoff when an existing product is pushed into the existing market segments it is said that market penetration is taking place. And Market development is when existing products are introduced to a completely new market (Ansoff, 1980). An extensive planning and strategy making is required t before a firm takes the step of Market Development as a lot of risks factors are involved when a new market is served. They may be due to different tastes and fashions of the new market. The customer's taste does not suit our existing product and our launch in the new market fails.

Speedo

Speedo was founded in 1914 in Australia and specializes in swim wear products and accessories. It is not present in India where this brand and its existing products will be introduced. India is a country with a population of 1.5 billion really has the potential of accepting our existing products and it will help us to grow. India is surrounded by a lot of quality beaches and the people who go there are not wearing proper swimming apparel, and as a result they do not enjoy the leisure of going to the beach. Only the exclusive class of India goes to the beaches, and they do not ...