Assignment #2 Example | Topics and Well Written Essays - 500 words - 3

#2 - Assignment Example Price adjustments- this is the lowering of the prices with the hopes to generate more sales by increasing the number of units purchased. This is one of the most used methods by businesses to enter new markets. Product improvements- this occurs when a business decides to add quality to its products as a way of attracting more customers. Thus, price improvements are better suited for creating new interests in stagnating products and to offer extra benefits when one uses the product. Creation of more distribution channels- in this method, a business enters a market through increasing its methods of making products reach the consumers and making the products more readily available in the market. For instance, a business that operates through retails may open wholesale centers for distribution of more products. It helps in determining the market penetration goal. As such, the business subtracts the effects of the limiting factors from market potential, and it enables the business to estimate its measurable goals. Makes it possible for the business to define its market. By making adjustments in the market potential and the share figures, business can define its markets in terms of industry, product, and geography or customer type. A business can identify and quantify the limiting factors. Such factors include competition, government regulation, and limited resources. Therefore, by adjusting the market potential and the share figures, the business will be in a better position to realize these factors, and quantify them. The ranking method- this is the process of comparing one’s job with others to determine whether it is higher, lower or in the same rank. This method is based on the overall judgment of the required skills, responsibility and also working conditions of the job. The prime benefit of this technique is that it is simple and is