Final ansoff matrix

Market development
1. Involves putting an exisiting product into a whole new market. Can be done by finding a new use for the product, or adding a new feature or benefit
2. Focus on targeting new markets, or new areas of your existing market. Sell more of the same thing to different people
  1. Target different geographical markets at home or abroad. Conduct PESTE analysis for the new market
  2. Use different sales channels, such as online or direct only if selling currently through agents or intermediaries
  3. Use market segmentation to target different groups of people (different ages, genders or profiles from usual customers).
  4. Use the marketing mix to understand how to reposition your product
Diversification
1. Is the riskiest of the four, because you are introducing a new, unproven product into an entirely new market that you may not fully understand
2. Risky as theres often little scope for using expertise or for achieving economies of scale because you are trying to sell completely different products or services to different customers
3. The main advantage is that, should one business suffer from adverse circumstances, another may not be affected
Product development
1. Slightly riskier than market penetration, because you're introducing a new product into your existing market
2. Extend your product by producing different variants, or repackage existing products
3. Develop related products or services
4. In a service industry, shorten your time to market, or improve customer service or quality
Market penetration
1. Safest option to go with
2. Aim is to sell more of the same product in the same market
  1. Develop new marketing strategy to encourage more people to choose it
  2. Introduce loyalty schem
  3. Launch price or other special offer promotions
  4. Increase sales forces activities
  5. Buy a competitor company

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Final ansoff matrix

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