Ansoff’s Matrix Explanation Essay

Using the aforementioned(prenominal) produce in the comparable market, however altering the looks or the agency of the return to make is look brisk to encourage higher sales. E.g. Coca-Cola employ antithetical styles of coke and using contrastive advertising campaigns to sell the same coke product.Product developmentWhen a new product is utilise in the same market. For example if coke sold juice, it would still be in the same drinks market however it would be a different product.New marketMarket developmentSelling the same product to a new market. It has a higher risk because it is a different set of customers.An example of this is Tescos expansion into petrol sales.DiversificationA new product to be sold in a all in all new market. This has a higher risk because it is a completely new idea and may not catch-up quickly which may lead to the familiarity making a loss. A good example of the unrelated diversification is Richard Branson. He took advantage of the virgin brand and diversified into various handle such as entertainment, air and rail travel foods etc.Ansoffs MatrixMain Definition The Ansoff Matrix is a strategic cookery tool that provides a framework to help executives, senior managers and marketers devise strategies for coming(prenominal) growth. It was created by Russian American, applied mathematician and business manager, Igor Ansoff The Ansoff Growth matrix is a marketing planning tool that helps a business determine its product and market growth strategy