Businesss Strategy And Objectives-Ansoffs Matrix

Question 1

What is Ansoffs matrix

Answer 1

Market development. Diversification
Market penetration Product development

Strategic mapping guide for executives to come up with future growth strategy’s

Question 2

Strategies based off the quadrants

Answer 2

Market Penetration – The concept of increasing sales of existing products into an existing market
Market Development – Focuses on selling existing products into new markets
Product Development – Focuses on introducing new products to an existing market
Diversification – The concept of entering a new market with altogether new products

Question 3

Evaluate the level of risk to the business for each quadrant

Answer 3

Risk increases as you go along the graph horizontally and down

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Question 4

Advantages and disadvantages of ansoffs matrix

Answer 4

Advantages-easier way to map out the potential options in order to be discussed upon
Disadvantages- may be interpreted differently based on level of experience because it’s vague and doesn’t out right say what strategy the business should do