Ansoffs Matrix Explanation Essay Example for Free

Ansoffs Matrix Explanation raiseUsing the akin result in the same market place, however altering the looks or the style of the product to make is look new to encourage higher sales. E.g. Coca-Cola using distinguishable styles of coke and using different advertising campaigns to sell the same coke product.Product developmentWhen a new product is employ in the same market. For physical exertion if coke sold juice, it would still be in the same drinks market however it would be a different product.New marketMarket developmentSelling the same product to a new market. It has a higher risk because it is a different set of customers.An example of this is Tescos expansion into petrol sales.DiversificationA new product to be sold in a completely new market. This has a higher risk because it is a completely new fancy and may not catch-up quickly which may lead to the company making a loss. A favourable example of the unrelated diversification is Richard Branson. He took advantage of the virgin brand and diversified into various handle such as entertainment, air and rail travel foods etc.Ansoffs MatrixMain definition The Ansoff Matrix is a strategic grooming tool that provides a framework to help executives, senior managers and marketers cram strategies for future growth. It was created by Russian American, applied mathematician and business manager, Igor Ansoff The Ansoff Growth matrix is a marketing planning tool that helps a business determine its product and market growth strategy