Strategic direction
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17 Terms
who is Igor Ansoff
a business professor in 1950’s
had business theory to how a company looking for growth can close their marketing strategy (and can be expressed in a diagram to analyse marketing strategies of companies)
what are the titles in the table of the Ansoff Matrix
l I existing product or service I new product or service I
I existing market I I I
I new market I I I
define strategic direction
the actions that a business takes to achieve the company objectives. for example, a promotional ad campaign to support a new product launch
where does market penetration sit in the ansoff matrix
existing product
existing market
where does market development sit in the ansoff matrix
existing product
new market
where does new product development sit in the ansoff matrix
new product
existing market
where does diversification sit in the ansoff matrix
new product
new market
how risky is market penetration
low risk
how risky is market development
medium risk
how risky is new product development
medium risk
how risky is diversification
high risk
explain market penetration
increase sales to the existing market, or penetrate it more deeply, sell more products to the same customers
explain market development
existing product or service sold to new market
explain product development
new product or service developed for existing market
explain diversification
new product or service sold in new markets (new to the company)
what is the value of Ansoff’s matrix
a business can identify all their products and services and their markets and consider future options for expansion using the matrix, considering opportunities, costs, benefits and risks. it helps identify potential new markets or marketing strategies for a business
the reasons for choosing and value of different options for strategic direction
business decides where to position itself in the market and which of the 4 strategies to chose for best possible success and to achieve their objectives
Note 
Flashcards (59)