Theme 3 Theories

Question 1

What does Ansoffs matrix look at?

Answer 1

Marketing strategies for growth

Question 2

What is Ansoffs matrix?

Answer 2

Existing market + Existing Product/service = Market Penetration

Existing Market + New product/service = Product or service development

New market + Existing product/service =
Market Development

New Market + New product/ service = Diversification

Question 3

What is market penetration?

Answer 3

Lowest risk
All about enhancing customer loyalty
At maturity stage of PLC
Focusing on promotion element of 4Ps
About raising awareness of product and entice customers to buy more
Need to consider: current market share of business, how saturated market is

Question 4

What is product development?

Answer 4

Moderate risk
About expanding product portfolio
Wider product range should create broader target audience
May help balance product portfolio
Product/ design mix element of 4Ps