A2 - Business - Selecting marketing strategies

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  • Created by: jkav
  • Created on: 04-04-16 22:29
Ansoff's matrix
A way of classifying marketing strategies in terms of existing and new products in existing and new markets. The degree of risk involved in each strategy is an important element of the analysis.
1 of 5
Market penetration
When a firm increases the sales of its current products to existing customers or attracts new customers from its competitors in the market.
2 of 5
Product development
Offering new and improved products to existing markets.
3 of 5
Market development
Finding new markets for existing products either by selling abroad or by identifying a new segment of the domestic market.
4 of 5
Diversification
Offering a new product in a new market.
5 of 5

Other cards in this set

Card 2

Front

When a firm increases the sales of its current products to existing customers or attracts new customers from its competitors in the market.

Back

Market penetration

Card 3

Front

Offering new and improved products to existing markets.

Back

Preview of the back of card 3

Card 4

Front

Finding new markets for existing products either by selling abroad or by identifying a new segment of the domestic market.

Back

Preview of the back of card 4

Card 5

Front

Offering a new product in a new market.

Back

Preview of the back of card 5

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