Market Development is when a company markets an existing product to a new market.
Similarities between Kellogg’s and Enterprise Rent a Car are that they are both market leaders which means that they are the company within the market that they sell to who sell the largest quantity of products.
Differences between Kellogg’s and Enterprise Rent a Car are the customers they sell their products to because one is buying a breakfast cereal and the other renting/buying a car. They both sell their products in different markets because they sell different products.
Product Development is when a business creates a new product to sell to their existing customers.
Kellogg’s and Enterprise Rent a Car are similar by the way that they both have loyal customers who choose to buy from them time and time again. Their customers both trust them with their products because they are good quality and they also value their customer which is seen in their mission statements.
Kellogg’s don’t directly deal with customers because they sell their products to retailers such as supermarkets and hotels whereas Enterprise Rent a Car deal directly with their customers when renting a car. As well as this they are also different because Kellogg’s produce and sell a product and Enterprise Rent a Car provides a service.
Market Penetration- Market Penetration can help grow a business by increasing the number of people in the market that buy the product.
Kellogg’s and Enterprise Rent a Car are similar because they both have already achieved market penetration because they are leaders within their market.
Diversification is when a business markets new products t new customers.
Enterprise Rent a Car has diversified its products by investing into Mexican Inn Chilli Products and Keefe Coffee Company however Kellogg’s have always