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With market penetration, the organization seeks to achieve growth with existing products in their current market segments, aiming to increase their market share. Market development involves growth by targeting its existing products to new market segments. Product development is the strategy whereby the organization develops new products targeted to its existing market segments. And, diversification, is where the organization grows by diversifying into new businesses, by developing new products for new markets.
Financial Times has implemented both a market penetration and market development strategy. They have sought new growth by further penetrating markets in which they already have a presence, such as in Europe and North America, as well as their dominant position in the United Kingdom. They have also used market development to enter new market segments. This is demonstrated by their recent entry into Asia. However, to do so, the company must acknowledge the changing times of media. The Internet is here to stay and will become an increasingly bigger threat to the company. Financial Times will have to learn to diversify itself as a growth strategy, for simply being the most reputable news source in town will no longer prevent it from being left by the wayside by the thousands of competitors that now compete for their readers, globally.
Conclusion:
In the end Financial Times has significant strengths and opportunities at its disposal.
References
Robinson, J. 5 June 2005, "Out of the red and into the pink: Editor Andrew Gowers is restoring some colour to the FT's cheeks," The Observer, p. 9.
Griffiths, I. 20 May 2005, "Analysis: FT's first cuts were the cheapest," The Guardian, p. 24.
Miller, J. 16 May 2005, "Media: Webview: Why the press must wake up to the web," The Guardian, p. 13.
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