Ansoff Matrixs: Business Growth And Marketing Strategies

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4…. Benchmarking Benchmarking involves consistent collection, processing and analysis of data from within and outside the business. The primary purpose of benchmarking is to explore and evaluate the current position of a business from internal and external perspectives, vis-a-vis its competitors and to identify areas and means of improving performance, and sustaining change A firm involved in a benchmarking exercise goes through the four key steps listed below: (1) Good and detailed understanding of the existing business processes (2) Close analysis of the business processes of other competitors (3) Comparison of one’s own business performance with analysis of others (4) Implementation of the steps and processes essential to close…show more content…
Ansoff’s Matrix Business Growth and Marketing Strategies The Ansoff Matrix, also known as the Product-Market Matrix is a strategic marketing tool used by businesses to examine their existing product range and market, and to explore the growth potential for new products and markets. The Ansoff product-market matrix presents 4 different growth strategies – market penetration, market development, product development and product diversification.. Igor Ansoff was a Russian/American mathematician who applied his work to the world of business. His most famous work is the Ansoff Matrix. The purpose of this matrix is to help managers consider how to grow their business through existing or new products or in existing or new markets. In this way he was helping managers to assess the differing degrees of risk associated with moving their organisation forward. Ansoff’s matrix suggests four alternative marketing strategies which hinge on whether products are new or existing. They also focus on whether a market is new or existing. Within each strategy there is a differing level of risk. The four strategies

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