Question

You're the Chief Marketing Officer of SalonCentric, a wholesaler of hair and beauty products sold to licensed beauticians and cosmeticians through brick-and-mortar stores across the United States. You want to increase revenue by expanding into another market category. What is your best option?

Answer 1

Answer:

My best option would be to start producing hair dye which I can sell to companies that produce or manufacture hair color.

Explanation:

As a marketer, one of the ways by which you can generate revenue is by expanding your business into another market category.

While expanding a business into another market category it is very important to make sure the following are available.

a. There must be enough money to aid in the expansion of the business.

b. Your business has a consistent flow of customers that are loyal to your brand.

In the question above, a Chief Marketing Officer that sells hair and beauty products wants to expand her business. Her best option would be to start producing hair dye because she sells hair products already to licensed beauticians therefore

a. She has a steady flow of customers already.

b. Hair dye is an hair product as well therefore it would be quite easy to market and sell her product very well.