ANSOFF'S MATRIX

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Define market development
Where an existing product is sold in a new market/segment/area
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Define market penetration
Used to gain more of it's existing market with an existing product e.g increase portion sizes
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Define product development
a new product is made to sell in existing market e.g. modification of products, e.g apple
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Define diversification
new product in a new market
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Give an example of a business which would be suitable for product development
A pharmaceutical company
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When's market penetration best?
If a business is struggling financially
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When's market development best?
If the business has an excellent niche product
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Which method is most risky?
Diversification
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Card 2

Front

Define market penetration

Back

Used to gain more of it's existing market with an existing product e.g increase portion sizes

Card 3

Front

Define product development

Back

Preview of the front of card 3

Card 4

Front

Define diversification

Back

Preview of the front of card 4

Card 5

Front

Give an example of a business which would be suitable for product development

Back

Preview of the front of card 5
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