History And Corporate Strategy Of Airbnb

History and Corporate Strategy of AirbnbNameAcademic InstitutionCourse Number and NameInstructorDue DateHistory and Corporate Strategy of AirbnbAirbnb’s main growth strategy involved establishing a niche market, and then honing and diversifying their service as it expanded over time. To this end, Airbnb had to develop various strategies regarding product development, market development, penetration, and diversification. For product development, Airbnb’s founders realized that renting out a living space could be a lucrative business. They developed a product that involved finding places for customers that would serve their needs, whether that was price, convenience, or trustworthiness. Because they were the first to market this type of service, they became the market leader once this industry began to grow. Airbnb’s market development required networking with property owners in numerous different territories. Airbnb’s advantage is that it does not own any of the properties itself, which means it does not need to own the massive number of properties around the world that are available to Airbnb customers. Instead, Airbnb essentially manages the network connecting customers with landlords. Initially, Airbnb lost money as