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The Ansoff matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future business growth. [1] It is named after Russian American Igor Ansoff , an applied mathematician and business manager, who created the concept.
The strategic grid model is a contingency approach that can be used to determine the strategic relevance of IT to an organization. The model was proposed by F. Warren McFarlan and James L. McKenney in 1983, and takes the impact of the information technology on the strategy in future planning as the horizontal axis, and the current impact of the information technology on corporate strategy as ...
Ansoff pointed out that a diversification strategy stands apart from the other three strategies. Whereas, the first three strategies are usually pursued with the same technical, financial, and merchandising resources used for the original product line, the diversification usually requires a company to acquire new skills and knowledge in product development as well as new insights into market ...
Market penetration is the key for a business growth strategy stemming from the Ansoff Matrix (Richardson, M., & Evans, C. (2007). H. Igor Ansoff first devised and published the Ansoff Matrix in the Harvard Business Review in 1957, within an article titled "Strategies for Diversification". The grid/matrix is utilized across businesses to help ...
Balanced scorecard • Ansoff matrix; OGSM • Managerial grid model; PEST analysis • Growth–share matrix; STP • MECE principle; Business Model Canvas • Kraljic matrix; Strategic Grid Model • Strategy map • VRIO
Economies of scope make product diversification efficient, as part of the Ansoff Matrix, if they are based on the common and recurrent use of proprietary know-how or on an indivisible physical asset. [7] For example, as the number of products promoted is increased, more people can be reached per unit of money spent.
For example, by examining Ansoff's matrix, businesses can select from market penetration, market development, product development and diversification to grow their revenue organically. In addition, organic business growth can be achieved using content marketing efforts, which drive organic search traffic.
In management, a strategy map is a diagram that documents the strategic goals being pursued by an organization or management team.It is an element of the documentation associated with the Balanced Scorecard, and in particular is characteristic of the second generation of Balanced Scorecard designs that first appeared during the mid-1990s.