3997139
Description
Final ansoff matrix
- Market development
- 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
- Focus on targeting new markets,
or new areas of your existing
market. Sell more of the same
thing to different people
- Target different geographical
markets at home or abroad.
Conduct PESTE analysis for
the new market
- Use different sales
channels, such as
online or direct only if
selling currently
through agents or
intermediaries
- Use market
segmentation to target
different groups of
people (different ages,
genders or profiles from
usual customers).
- Use the marketing mix to
understand how to
reposition your product
- Target different geographical
markets at home or abroad.
Conduct PESTE analysis for
the new market
- 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
- Diversification
- 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
- 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
- The main advantage is that, should one
business suffer from adverse
circumstances, another may not be
affected
- 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
- Product
development
- Slightly riskier than market
penetration, because you're
introducing a new product into
your existing market
- Extend your product by
producing different
variants, or repackage
existing products
- Develop related
products or services
- In a service industry,
shorten your time to
market, or improve
customer service or
quality
- Slightly riskier than market
penetration, because you're
introducing a new product into
your existing market
- Market penetration
- Safest option to go with
- Aim is to sell more of the same
product in the same market
- Develop new marketing
strategy to encourage
more people to choose it
- Introduce loyalty
schem
- Launch price or
other special offer
promotions
- Increase sales
forces activities
- Buy a
competitor
company
- Develop new marketing
strategy to encourage
more people to choose it
- Safest option to go with
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