Harrah's Essay

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1. Which of the following market development strategies is the company using: market penetration, market development, product development, or diversification? Discuss specific examples of how the company is using the strategies. Market Penetration Strategy is used by Harrah’s Nevada Casino to increase sales for existing products in their existing markets by offering special discounts from restaurant dining, free hotel stays, and discounts on Harrah’s paraphernalia. Harrah’s casino uses market development strategies to concentrate on finding new markets for existing products by media advertising, offering casino special, and different benefit package for being a Harrah’s casino player. The product development strategy that Nevada Harrah’s casino uses to promote new products into identifiable or established markets. Harrah’s is constantly creating new gamming and slot machines in order to keep their market interesting for their current and new customers. 2. Describe, in detail, who you think the target market(s) should be. Make sure to describe as many of the segmentation variables as you can. The target markets for Nevada Harrah’s Casino are: *By Demographics o Ages 21 and up o Income range middle to upper class o Male and Female o Family – Single, Married, Divorced, All walks of life o Professionals and affluent occupations *By Geographic’s o All areas, city, urban, rural, and etc. *By Psychographics o Activities and interest – Gamblers, Travelers, Loves to have fun o Opinions – Liberal people *By Behaviors o Benefits – Looking entertainment, great excitement, and fun o User status – Visitors who comes often, not excessive 3. Describe the current product positioning in detail. Consumers’ perception of the product attribute, the uses, quality, and disadvantages and advantages relative to competing brands is that

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