Final answer:
The product market expansion grid provides four growth strategies: Market Penetration, Market Development, Product Development, and Diversification. Zaatar W Zeit can utilize these strategies to expand their business by employing market research such as surveys and focus groups to inform their strategic decisions.
Step-by-step explanation:
Product Market Expansion Grid
The product market expansion grid, also known as the Ansoff Matrix, provides a framework for companies to identify growth strategies through existing or new products in existing or new markets. The four strategies included are Market Penetration, Market Development, Product Development, and Diversification.
Market Penetration
Zaatar W Zeit can increase market share within Lebanon through promotional campaigns, loyalty programs, and competitive pricing. Encouraging increased usage among existing customers and attracting competitors’ customers can also be effective.
Market Development
Expansion into new geographic areas, such as Europe or North America, is another growth strategy. Zaatar W Zeit could target diaspora populations familiar with Lebanese cuisine and others interested in ethnic foods.
Product Development
The introduction of new menu items or a healthy eating line catering to current trends can attract new customers and offer more choices to existing clientele.
Diversification
Zaatar W Zeit could dive into entirely new product lines or services, such as packaged goods sold in supermarkets or a new line of restaurants under a different brand and concept.
Using Market Research
Market research can help Zaatar W Zeit assess customer needs, market trends, and competitive landscape. Surveys, focus groups, and analysis of sales data can reveal preferences that guide the choice of growth strategy. For example, they could conduct taste tests for new products, or use demographic analysis to find new market segments.