Market Penetration

Analytical Tools Case1 active for: Prof Madya Sofiah Abd Rahman MKT750 Strategic grocery storeing Management Prepared by: Muhammad Mazlan Farid b. Mastar 2009306619 EMBA14B Analytical Tools 1. ANSOFF Matrix The Ansoff Matrix is a trade tool created by Igor Ansoff. The Ansoff Matrix is a tool that helps businesses decides their intersection point and market growth strategy. When to use it Ansoffs growth matrix suggests that a business attempts to grow depend on whether it markets spic-and-span or active results in new or existing markets. How to use it This matrix helps companies decide what course of action should be taken given veritable performance. The matrix consists of four strategies: Market penetration (existing markets, existing produces): Market penetration occurs when a lodge enters/penetrates a market with current products. The best way to strike this is by gaining competitors customers (part of their market share). Other ways include attracting non-users of your product or convincing current clients to use more of your product/service, with advertising or other promotions. Market penetration is the least(prenominal) risky way for a company to grow.

Product ontogenesis (existing markets, new products): A firm with a market for its current products might embark on a strategy of development other products catering to the same market (although these new products sine qua non not be new to the market; the point is that the product is new to the company). Market development (new markets, existing products): An established product in the marketplace can be tweaked or targeted to a different customer segment, as a strategy to befool more revenue for the firm. Diversification (new markets, new products): utter(a) Cola, virtuous Megastores, Virgin Airlines, Virgin Telecommunications are examples of new products created by the Virgin Group of UK, to leverage the Virgin brand. This resulted in the company submission new markets where it had no presence before. MKT750... If you want to get a full essay, order it on our website: Ordercustompaper.com

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