the case study uses ansoff’s matrix to illustrate how it has developed its strategies to improve and grow the business, creating new products and extending its services into new markets. enterprise’s ability to keep the customer at the centre of everything it does depends on the skills and commitment of its employees. it is this level of customer service that makes enterprise different from its competitors. one way of analysing the various strategies that an organisation may use to grow the business is with igor ansoff’s (1965) matrix. it was this that helped the business to grow.
the convenience of this service gives enterprise a competitive advantage over its rivals. having the ability to respond quickly to the external environment with new products and services is a benefit of being a privately-owned business. this means that strategies are constantly reviewed to ensure that enterprise remains the market leader. this can spread the risk allowing the organisation to move into new and potentially profitable areas of operation. this strategy has enabled enterprise to enjoy continued growth for more than 55 years and the prospect of further growth in the future.
the ansoff matrix, also called the product/market expansion grid, is a tool used by firms to analyze and plan their strategies for growthsustainable growth ratethe sustainable growth rate is the rate of growth that a company can expect to see in the long term. the matrix shows four strategies that can be used to help a firm grow and also analyzes the risk associated with each strategy. in a market penetration strategy, the firm uses its products in the existing market. in a product development strategy, the firm develops a new product to cater to the existing market.
in a market development strategy, the firm enters a new market with its existing product(s). the market development strategy is most successful if (1) the firm owns proprietary technology that it can leverage into new markets, (2) potential consumers in the new market are profitable (i.e., they possess disposable income), and (3) consumer behavior in the new markets does not deviate too far from that of consumers in the existing markets. in a diversification strategy, the firm enters a new market with a new product. 1. related diversification: there are potential synergies to be realized between the existing business and the new product/market. 2. unrelated diversification: there are no potential synergies to be realized between the existing business and the new product/market.
diversification – involves developing new products and putting them into new markets at the same time market development: this strategy focuses on entering a new market using existing products. diversification a product diversification strategy is a form of business development. small businesses that implement the strategy can, diversification strategy, diversification strategy, product development strategy, ansoff matrix, market development strategy.
product development, in the lower right quadrant, is slightly more risky, because market development, diversification is a corporate strategy to enter into a new products or the strategies of diversification can include internal development of new products or markets, acquisition of a firm, alliance with a product and development: how to develop existing products or services. diversification: how to, ansoff matrix examples, product diversification example, product development ansoff matrix, ansoff matrix theory, product development vs market development, market development examples, ansoff matrix diversification, ansoff model
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