A market penetration strategy involves focusing on selling your existing products or services into your existing markets to gain a higher market share.
Market development is a marketing strategy in which a company tries to sell an existing product to a new group of consumers.
Please note that Provincial or Federal Procurement may also be an option for market development.
Provincial Procurement Opportunities
Find opportunities to sell your products or services to the government of New Brunswick. Learn what they purchase and find out about the process.
Federal Procurement Opportunities
Find opportunities to sell your products or services to the Federal Government.
Learn about the process when submitting your proposal for the Build in Canada Innovation Program.
Find out about contract bidding opportunities and the bidding process used by Public Services and Procurement Canada.
Product development is the creation of products with new or different features. It offers new or additional benefits to the customer. It can include changing an existing product or its presentation, or developing a brand-new product that satisfies customer needs and wants or a market niche.
Diversification occurs when you develop a new product or expand in a new market. Often the product may be improved, altered or changed and you develop new marketing activities. The planning process includes:
Partnership, Joint Ventures, Mergers and Acquisitions
You can also expand your business through:
- Joint ventures
- Mergers and acquisitions
A supply chain is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.
The Supplier Diversity Program is a strategic business process that aims to provide women-owned businesses, Aboriginal people and minorities with an equal opportunity to become suppliers to large corporations in Canada and the United States. 50% of Canadian businesses are owned by women, yet only 5% of business-to-government contracts are awarded to women-owned businesses.
Several organizations offer this certification:
Women Business Enterprises Canada Council (WBE Canada)
WBE Canada is a not-for-profit organization, led by corporate members who build connections between Canadian women-owned businesses and corporate/government buyers across North America.
Canadian Aboriginal and Minority Supplier Council (CAMSC)
CAMSC champions business relationships and economic growth of the Canadian supply chain through the inclusion of Aboriginals and minority suppliers.
The Greiner Model
Fast-growing companies can often be chaotic places to work. While growth is fun when things go well, when they go wrong, it can be stressful. Greiner's Growth Model describes the phases that organizations go through as they grow. The “Greiner Curve” is a useful way of thinking of the crises that businesses encounter as they evolve