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Title: Ansoff theories of marketing
Description: Complete notes on Ansoff Theories of Marketing
Description: Complete notes on Ansoff Theories of Marketing
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ANSOFF THEORIES OF MARKETING
The Ansoff Growth matrix is another marketing planning tool that helps a business determine its
product and market growth strategy
...
The output from the
Ansoff product/market matrix is a series of suggested growth strategies which set the direction
for the business strategy
...
Market penetration seeks to achieve four main objectives:
Maintain or increase the market share of current products – this can be achieved by a
combination of competitive pricing strategies, advertising, sales promotion and perhaps
more resources dedicated to personal selling
Secure dominance of growth markets
Restructure a mature market by driving out competitors; this would require a much more
aggressive promotional campaign, supported by a pricing strategy designed to make the
market unattractive for competitors
Increase usage by existing customers – for example by introducing loyalty schemes
A market penetration marketing strategy is very much about “business as usual”
...
It is likely to have good information on competitors and
on customer needs
...
Market development
Market development is the name given to a growth strategy where the business seeks to sell its
existing products into new markets
...
g
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Product development
Product development is the name given to a growth strategy where a business aims to introduce
new products into existing markets
...
A strategy of product development is particularly suitable for a business where the product needs
to be differentiated in order to remain competitive
...
This is an inherently more risk strategy because the business is moving into markets in which it
has little or no experience
...
However, for the right
balance between risk and reward, a marketing strategy of diversification can be highly
rewarding
Title: Ansoff theories of marketing
Description: Complete notes on Ansoff Theories of Marketing
Description: Complete notes on Ansoff Theories of Marketing