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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.
With numerous options available, this matrix helps narrow down the best fit for an organization. This strategy involves selling current products or services to the existing market in order to obtain a higher market share. This could involve persuading current customers to buy more and new customers to start buying or even converting customers ...
Ansoff pointed out that a diversification strategy stands apart from the other three strategies. Whereas, the first three strategies are usually pursued with the same technical, financial, and merchandising resources used for the original product line, the diversification usually requires a company to acquire new skills and knowledge in product development as well as new insights into market ...
SBU's in the matrix can be represented as a circle; the radius exhibits the size of the market, the SBU's holdings in the market are equated through a pie chart within the circle and an arrow outside the circle shows the standing of the SBU expected in the future. In the image attached for example, an SBU holds 45% of the market's shares.
As with most marketing techniques, there are a number of alternative offerings vying with the growth–share matrix although this appears to be the most widely used. The next most widely reported technique is that developed by McKinsey and General Electric, which is a three-cell by three-cell matrix—using the dimensions of 'industry ...
Fruits and vegetables are now being sold at 5,000 Dollar General stores. The discount store reached its produce target in January 2024, a move that they said will benefit the small communities ...
The Ansoff matrix identifies four specific growth strategies: market penetration, product development, market development and diversification. [65] 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 ...
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