
Management Fundamentals 7th Edition by Robert N. Lussier
Edition 7ISBN: 1506303277
Management Fundamentals 7th Edition by Robert N. Lussier
Edition 7ISBN: 1506303277Step 1 of 2
Companies use adaptive strategies in order to make suitable changes to adapt the changes in the market. The changes they make during the process are as follows:
1. Prospecting: Prospecting is a process during which the company will be making an aggressive entry into a market to capitalize on the market demand. It can decrease the price, increase its advertising and promotion to enter into a new market.
2. Defending: Sometimes companies will be taking a cautious approach to enter into new markets for the fear of losing money. They will keep the product pricing at safe stead, cut down on the expenses and offers limited promotions. This is done to safeguard their position and to minimize the losses.
3. Analyzing: During this strategy the company will be using a moderate approach mixing caution with aggression.
Step 2 of 2
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