Ansoff product/market expansion grid
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Compare and contrast the following strategies for growth: market penetration, market development, product development, and diversification..Please include examples of each.
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Solution Summary
This explains the concept of Ansoff product/market expansion grid with the help of a case study
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Ansoff has proposed a useful framework called product/market expansion grid. There can be four strategies:
MARKET PENETRATION
Here the company will consider whether it could gain more market share with its current products in their current markets. These strategies normally try to change incidental clients to regular clients and regular client into heavy clients. Typical systems are volume discounts, bonus cards and Customer Relationship Management. There are three major approaches:
Organization could try to attract competitor's customers
Organization could encourage its customers to travel more
For example Qantas could encourage non-airline ...
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