Explain How the ‘Ansoff Matrix’ Can Be Applied to Help Develop Strategic Marketing Options for an Enterprise.
Explain how the ‘Ansoff matrix’ can be applied to help develop strategic marketing options for an enterprise. What other analytical tools and techniques can be employed to develop alternative marketing strategies?
Table of contents
1. Introduction
2. The Ansoff Matrix
3. Market Penetration
4. Product Development
5. Market Development
6. Diversification
7. Limitations of the Ansoff matrix
8. Other analytical tools and techniques
9. Conclusion
10. References
Introduction
From my working experience I have discovered, an organisation that knows its shortcomings, and can make relatively strategic decisions to meet the right objectives, will achieve its desire to become successful and remain relevant. Successful organisations in Nigeria always attribute their success to unique strategies which they employed efficiently.
Strategies are developed at different levels within an organisation, it therefore follows that objectives (what it wants to achieve) are also set at the different levels. The setting of these objectives will usually produce a discrepancy between what is currently being achieved and what needs to be achieved. Marketing strategies are the explanation of how this gap is going to be closed and the objectives realized. Ansoff matrix is a useful framework for looking at possible strategies to reduce the gap between where the company may be without a change in strategy and where the company aspires to be (Proctor, 1997).
The Ansoff matrix which is the focus of this work is one of the models alongside others like the Porter matrix, BCG, SWOT, PESTEL, DPM matrix and Gap analysis etc used by marketers to set objectives which assist strategic decision making. The Ansoff matrix is also used in marketing audits (Li et al, 1999). I will attempt to explain within the limitation of word content, how the Ansoff can be applied to help develop strategic marketing options for an enterprise. Some of these other
Table of contents
1. Introduction
2. The Ansoff Matrix
3. Market Penetration
4. Product Development
5. Market Development
6. Diversification
7. Limitations of the Ansoff matrix
8. Other analytical tools and techniques
9. Conclusion
10. References
Introduction
From my working experience I have discovered, an organisation that knows its shortcomings, and can make relatively strategic decisions to meet the right objectives, will achieve its desire to become successful and remain relevant. Successful organisations in Nigeria always attribute their success to unique strategies which they employed efficiently.
Strategies are developed at different levels within an organisation, it therefore follows that objectives (what it wants to achieve) are also set at the different levels. The setting of these objectives will usually produce a discrepancy between what is currently being achieved and what needs to be achieved. Marketing strategies are the explanation of how this gap is going to be closed and the objectives realized. Ansoff matrix is a useful framework for looking at possible strategies to reduce the gap between where the company may be without a change in strategy and where the company aspires to be (Proctor, 1997).
The Ansoff matrix which is the focus of this work is one of the models alongside others like the Porter matrix, BCG, SWOT, PESTEL, DPM matrix and Gap analysis etc used by marketers to set objectives which assist strategic decision making. The Ansoff matrix is also used in marketing audits (Li et al, 1999). I will attempt to explain within the limitation of word content, how the Ansoff can be applied to help develop strategic marketing options for an enterprise. Some of these other
References: Ansoff, I. H. (1957), Strategies for diversification, Harvard Business Review, Vol Ansoff, I. (1989), Corporate Strategy, rev. edn, Penguin, Harmondsworth Hill, W. L. C. & Jones, R. G. (2007), Strategic Management: An Integrated Approach, 7th ed., Houghton Mifflin Company, Li, S. & Duan, Y. & Kinman, R. & Edwards, J. S. (1999), A framework for a hybrid intelligent system in support of marketing strategy Lynch, R. (2003), Corporate Strategy, 3rd ed., Prentice Hall Financial Times. Macmillan, H. & Tampoe, M. (2000), Strategic Management, Oxford University Press. Module 1, Unit 2, (2006) MN7002/D, Strategic Marketing, (ed. 10th), England. Pearson, G. (1999), Strategy in Action, Prentice Hall Financial Times. Vignali, C. (2001), Virgin Cola, British Food Journal, Vol. 103, No. 2. Porter, M. E. (1987), From competitive strategy to corporate strategy, Harvard Business Review. Osime R. (2009), Thisday Awards ’09, Thisday Magazine, Volume 14: No.5026 Thompson, A. A. & Strickland, J. A. (2003), Strategic Management: Concepts and Cases, Thirteenth ed., McGraw-Hill.