Simon and Smith Who Is Your Target Audience Free Essay Example, 1750 words

Advantages. Market expansion takes place when other strategies have reached its saturation point and changing a customer base is needed (Pradhan, 2007, p. 113). Attracting young people as new customers did not mean that the old customers are being left out. The retail strategy will only be adjusted on acquiring new customers while existing customers are retained because it is important to understand that different customers have different needs and demands. The business will grow in a profitable relationship and at the same time, it will create a valuable competitive advantage. The retailers must acknowledge that the young generation constitutes a large population compared to the old market. Therefore, this innovation strategy would surely bring more profits to the business. Nobody can tell the intensity of population growth in Brookline if the place becomes more industrialized. If this will happen, for sure several shopping centers will arise and a fiercely competitive environment will be created. For the business to cultivate an internal framework, purpose, and culture, it must rapidly adapt to the new opportunities no matter what are the threats and challenges involved (Barnett, 2008). Disadvantages. We will write a custom essay sample on Simon and Smith: Who Is Your Target Audience or any topic specifically for you Only $17.96 $11.86/page They should consider their capabilities as retailers and also the attractiveness of the retail market. The business can adapt the market position matrix or competitive position matrix to determine its position in terms of market attractiveness and the retailer s competitive position.