Ansoff Matrix Flashcards

1
Q

What is the ansof matrix

A

It’s a strategic planning tool that managers use to identify potential growth strategies for a business and is mainly concerned with strategic direction

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2
Q

The 4 growth strategies

A

Market penetration
Product development
Market development
Diversification

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3
Q

Market penetration

A

Selling an existing product in an existing market
Least risky

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4
Q

Product development

A

Selling new products in existing markets

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5
Q

Market development

A

Selling an existing product in a new market

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6
Q

Diversification

A

Selling new products in a new market
Most risky

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7
Q

Market penetration strategies

A

Attracting customers who have not yet become regular users

Attacking competitors’ sales.

Increasing consumption amongst existing users, perhaps by reducing the price or offering promotions.

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8
Q

Two broad market development strategies

A

Identifying users in different markets with similar needs to existing customers

Identifying new customers who would use a product in a different way.

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