unit 8-choosing strategic direction Flashcards
1
Q
what is ansoff’s matrix?
A
helps to identify opportunities of growth through developing new products or markets
2
Q
What are the 4 strategies of ansoff’s matrix?
A
market penetration-existing markets & products
market development-new market & existing products
product development-new products & existing markets
diversification- new product and new market
3
Q
what are 2 influences on strategic direction
A
opportunity cost- business needs to decide whether forfeiting the benefits of a different decision
business culture- culture and leadership must supposed the direction chosen
4
Q
what is bowman’s strategic clock?
A
explores the most effective positioning for a product that will give it the most competitive position in the market.
