Solved: my product is shoe count the steps ?

Market scope strategy to reduce risk:

In order to reduce risk, the market scope strategy that I would choose is broad scope strategy. Currently, shoes are one of the fundamental needs for all common people and the depreciation of the same is very high. More often than not, people are likely to purchase another one in a span of 3 to 6 months time. Hence, this is certainly a broad strategy with bigger market segmentation.

Combinations of various features viz., color, size, shape, texture, comfort, safety, attractiveness, water resistant, wear and tear conditions makes this product to choose a broad scope strategy. More so, this doesn’t fall under a particular segment. This is applicable for all genders and of all age groups irrespective of what work they do, where they study, students, kids, elders etc., all of these signify that this comes under broad scope category.

Imitation to use to reduce risk:

One of the major scopes of the strategy will be to include the generic strategy in the market related to product differentiation. The entrepreneur should be able to focus on making his/her shoes different from other entrepreneurs so as to have a competitive advantage. Such a strategy can be implemented through designing of shapes of shoes, sizes, and color among other features. This will increase the customers taste due to variety and attracting more clients reducing the risk of making a loss. Mitigating the risk can be done in several ways. Risk Mitigation to be considered for the purchase of a house: To decrease or reduce the undesirable effects, we do Risk Mitigation. There are 4 types of strategies followed in Risk Mitigation. Risk Acceptance, Risk avoidance, Risk Limitation and Risk Transference. I would like to go with Risk Avoidance which is also called “me too strategy” in this scenario, where, I would like to imitate the marketing strategies adopted by various organizations in different sectors to penetrate the market. Further, I would like to imitate how the world class organizations do Quality Function Deployment to meet customer expectations through an innovative product.