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The Ansoff matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future business growth. [1] It is named after Russian American Igor Ansoff , an applied mathematician and business manager, who created the concept.
It involves using tactics that increase the growth of an existing product in an existing market. [ 1] It is measured by the amount of sales volume of an existing good or service compared to the total target market for that product or service. [ 2] Market penetration is the key for a business growth strategy stemming from the Ansoff Matrix ...
Diversification (marketing strategy) Diversification is a corporate strategy to enter into or start new products or product lines, new services or new markets, involving substantially different skills, technology and knowledge. Diversification is one of the four main growth strategies defined by Igor Ansoff in the Ansoff Matrix: [1] Products.
Strategy. Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. There are three/four generic strategies, either lower cost, differentiated, or focus. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating ...
Brown University (Ph.D.) Academic work. Institutions. Carnegie Mellon University. Vanderbilt University. Harry Igor Ansoff ( Russian: Игорь Ансов; 12 December 1918 – 14 July 2002) was a Russian American applied mathematician and business manager. [ 1] He is known as one of the fathers of strategic management .
The Ansoff Product/market Growth Matrix Market penetration involves selling existing products to existing consumers. This is a conservative, low risk approach since the product is already on the established market.
Economies of scope make product diversification efficient, as part of the Ansoff Matrix, if they are based on the common and recurrent use of proprietary know-how or on an indivisible physical asset. [6] For example, as the number of products promoted is increased, more people can be reached per unit of money spent.
Strategy. In business analysis, PEST analysis ("political, economic, socio-cultural and technological") describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. It is part of an external environment analysis when conducting a strategic analysis or doing market research, and gives ...