Theme 3 - 1.2 Porters And Ansoffs Matrix Flashcards
1
Q
What’s Ansoffs matrix ?
A
- a marketing planning tool that helps a business develop a marketing strategy.
2
Q
What are the four sections of Ansoffs matrix ?
A
- Market penetration ==> the successful selling of an existing product in an existing market
- Market development ==> selling new products to new markets
- Product development ==> selling existing products in existing markets
- Diversification ==> selling new products to new markets
3
Q
What is Porters Strategic Matrix ?
A
An analysis tool to determine the competition in an industry.
4
Q
What are porters 5 forces ?
A
- threat of substitutes
- how contestable market is
- Bargaining power of suppliers/consumers
