It is important for a big company like GWC Valves to find businesses and products the company should consider in the future regardless of how successful they currently are. Every business should look for potential growth or downsizing if necessary in order to continue on the path of success and take appropriate measures for this. It isn’t good for any company to have their objective being growth, their objective instead needs to be profitable growth and that is the first step to success. When you are selling valves to different market segments, you need to have a different marketing approach and make sure you use several strategies to help become a profitable company. The company’s marketing team needs to identify, evaluate, and select market opportunities and establish strategies for capturing them.
One useful strategy is the product/market expansion grid. This is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification. Another strategy is market penetration, and this is figuring out whether or not the GWC Valves team can achieve this. You can achieve market penetration by company growth by increasing sales of current products to current market segments without changing the product. This is something that the GWC Valves team has once used and it seemed to work quite well as a strategy. Sometimes it is good to use different strategies such as the market development strategy; this is the company growth and how they identify and develop new market segments for current company products. The GWC Valves team has done this by splitting up the business market segment where they have severed 6 industries including oil and gas, petrochemical, chemical, exploration and production, power, and mining/minerals and the consumer market segment for everyday users buying a valve they need to fix something themselves. The GWC Valves company can also consider product development which is when the company growth is by offering modified or new products to current market segments. The company can also use diversification in order to grow through starting up or acquiring business outside the company’s current products and markets.