Flashcards in Theme 3 Theories Deck (4)
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1
Q
What does Ansoffs matrix look at?
A
Marketing strategies for growth
2
Q
What is Ansoffs matrix?
A
Existing market + Existing Product/service = Market Penetration
Existing Market + New product/service = Product or service development
New market + Existing product/service =
Market Development
New Market + New product/ service = Diversification
3
Q
What is market penetration?
A
Lowest risk
All about enhancing customer loyalty
At maturity stage of PLC
Focusing on promotion element of 4Ps
About raising awareness of product and entice customers to buy more
Need to consider: current market share of business, how saturated market is
4
Q
What is product development?
A
Moderate risk About expanding product portfolio Wider product range should create broader target audience May help balance product portfolio Product/ design mix element of 4Ps
