Marketing Strategies Essay Example | Topics and Well Written Essays - 500 words - 70

Marketing Strategies - Essay Example Next success opportunity is the legality of meat importation to the U.S. Apparently, Ruth Chris restaurant model only uses USDA Prime beef and export them to target markets in different countries. The marketing group is currently finding favor in Australia market. Customers from Australia market share a high standard of the US thus becoming a potential market for Ruth’s restaurant. The highly populated urban area serves a better place for business prosperity. High population creates a pool of potential buyers of beef. Disposable income of an extremely populated area facilitates growth and expansion of the market. The marketing team has to ascertain the rate of responsiveness of people towards beef eating. Other criteria Ruth should have considered in conquering new markets include pricing strategies. Affordable and attractive prices may help in hedging out competitors. Embracing product differentiation by improving features, implementing innovations during the manufacturing process will assist in penetrating new markets. The riskiest option is Diversification model. Diversification model involves new kind of restaurants in new markets (Kupetz & Apont, 2006). A new market has various challenges as the products may fail to diffuse. Customers who express utmost loyalty to specific brands may not quickly adapt to new products introduced in new markets. There are series of a cost associated with the development of new products such as promotion and other overhead fees. Initiating a new product in the green market is likely to fail because of competition and more costs. The most risk-averse is penetration model where existing products sell in the same market. Products have loyal buyers thus a reduction of costs such as promotional fees and other marketing related costs.  Ã‚