9: Selecting marketing strategies

Question 1

Ansoff’s matrix:

Answer 1

A way of classifying marketing strategies in terms of existing and new products in exiting and new markets.
The degree of risk involved in each strategy is an important element of the analysis.

Question 2

Market penetration:

Answer 2

When a firm increases the sales of its current products to existing customers or attracts new customers from its competitors in the market. So

Question 3

Product development:

Answer 3

Offering new and improved products to existing markets.

Question 4

Market development:

Answer 4

Finding new markets for existing products either by selling abroad or by identifying a new segment of the domestic market.

Question 5

Diversification:

Answer 5

Offering a new product in a new market.