Final answer:
The best growth strategy for Krueger Burgers depends on their goals: market penetration for increasing share in the current market, market expansion for reaching new areas, retail format for changing restaurant concept, diversification for new products and markets, and wholesale which is less relevant.
Step-by-step explanation:
Considering Krueger Burgers' intention to change its pricing policy and promotional mix to reach a new market segment, the most suitable growth strategy would depend on the specifics of the new target market and the company's objectives. If the chain is looking to increase its share in its current market with the same product, a market penetration growth opportunity might be the best approach. This involves strategies such as advertising, sales promotions, pricing adjustments, and increased distribution efforts to boost sales volume among existing customers or convert customers from competitors.
However, if Krueger Burgers wants to cater to a different geographic area with the existing product, then a market expansion growth opportunity would be appropriate. This entails extending the brand's reach to new locations or demographic segments. On the other hand, a retail format growth opportunity suggests growth through conceptual or format changes, such as introducing a new restaurant layout or a different service method, which may or may not be applicable.
Diversification growth opportunity refers to the introduction of new products to new markets, which is a more complex and risky strategy; it could be suitable if Krueger Burgers plans to introduce significant changes to their product line or enter entirely different markets. Lastly, a wholesale format growth opportunity is less relevant to restaurant chains, as it involves selling products in bulk usually to retailers or other intermediaries, not typically a tactic for a business serving end consumers directly.