Marketing strategies

    Cards (10)

    • Ansoff’s Matrix
      It is used to decide on a growth strategy.
    • Ansoff’s Matrix
      Ansoff’s Matrix = a tool for comparing for the level of risk involved with the different growth strategies - helps managers decide on a direction for strategic growth.
    • Ansoff’s Matrix
      Advantage = doesn’t just lay out potential strategies for growth but forces managers to think about unexpected risks of moving in a certain direction.
    • Ansoff’s Matrix
      Disadvantage = fails to show that market development and diversification also tend to require significant change in the day-to-day workings of the company.
    • What are the four main strategies in the product-market matrix?
      • Market penetration
      • Product development
      • Market development or extension
      • Diversification
    • What does market penetration involve?
      Increasing sales of existing products in existing markets
    • What is product development?
      Creating new products for existing markets
    • What does market development or extension mean?
      Introducing existing products into new markets
    • What is diversification in the context of market strategies?
      Introducing new products into new markets
    • How does risk change across the product-market strategies?
      • Market penetration: Low risk
      • Product development: Moderate risk
      • Market development: Moderate risk
      • Diversification: High risk
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