ansoff applied to apple inc
ANSOFF MATRIX MARKETING STRATEGY
The Ansoff Product-Market Growth Matrix is a marketing tool created by Igor Ansoff. The Ansoff matrix is a marketing tool that allows marketers to consider ways to grow business via existing and/or new products in existing and/or new markets. The ansoff matrix helps companies decide what course of action should be taken given current performance. The Ansoff 's matrix provides a very simple but very effective focus for considering different options for growth, and shows whether it is better to find new customers for existing products, offer more products to the existing consumer, or stay with existing products and attempt to gain a greater share of the market. Each section of Ansoff 's matrix shows a strategy which would be used in times with what you are doing.
There are four possible product/market combinations: Market development, Market Penetration, Diversification and Product Development. This can be shown in the figure below.
Market Development:
An established product in the marketplace can be tweaked or targeted to a different customer segment, as a strategy to earn more revenue for the firm. For example, Lucozade was first marketed for sick children and then rebranded to target athletes. This is a good example developing a new market for an existing product.
Market Penetration:
This involves increasing sales of an existing product and penetrating the market further by promoting the product heavily or reducing prices to increase sales. This strategy has the lowest risk strategy as the firm knows the product and the market. Market penetration is often used by supermarkets and large retail chains.
Diversification:
Diversification involves launching a new product in a new market. It can also be the most rewarding, as a fresh perspective on a market can often pay huge dividends and deliver a huge competitive advantage to a smart and able company. A lot of research is needed to get things right, and
The Ansoff Product-Market Growth Matrix is a marketing tool created by Igor Ansoff. The Ansoff matrix is a marketing tool that allows marketers to consider ways to grow business via existing and/or new products in existing and/or new markets. The ansoff matrix helps companies decide what course of action should be taken given current performance. The Ansoff 's matrix provides a very simple but very effective focus for considering different options for growth, and shows whether it is better to find new customers for existing products, offer more products to the existing consumer, or stay with existing products and attempt to gain a greater share of the market. Each section of Ansoff 's matrix shows a strategy which would be used in times with what you are doing.
There are four possible product/market combinations: Market development, Market Penetration, Diversification and Product Development. This can be shown in the figure below.
Market Development:
An established product in the marketplace can be tweaked or targeted to a different customer segment, as a strategy to earn more revenue for the firm. For example, Lucozade was first marketed for sick children and then rebranded to target athletes. This is a good example developing a new market for an existing product.
Market Penetration:
This involves increasing sales of an existing product and penetrating the market further by promoting the product heavily or reducing prices to increase sales. This strategy has the lowest risk strategy as the firm knows the product and the market. Market penetration is often used by supermarkets and large retail chains.
Diversification:
Diversification involves launching a new product in a new market. It can also be the most rewarding, as a fresh perspective on a market can often pay huge dividends and deliver a huge competitive advantage to a smart and able company. A lot of research is needed to get things right, and