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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.
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 ...
A balanced scorecard is a strategy performance management tool – a well-structured report used to keep track of the execution of activities by staff and to monitor the consequences arising from these actions.
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 ...
To use the matrix, analysts plot a scatter graph to rank the business units (or products) on the basis of their relative market shares and growth rates. This results is a chart showing: Cash cows, where a company has high market share in a slow-growing industry. These units typically generate cash in excess of the amount of cash needed to ...
The use and understanding of the concept of core competences can be very important to enterprises. They can use core competences in order to excel at the contrivance of core products. [1] Enterprises could also use core competences to raise the values of customers and stakeholders. [3]
The MECE principle (mutually exclusive and collectively exhaustive) is a grouping principle for separating a set of items into subsets that are mutually exclusive (ME) and collectively exhaustive (CE). [1]
The conclusion of the brainstorming session is a preliminary screening of the ideas that have been gathered, where exact duplicates are deleted, and a team evaluation takes place, perhaps using the Nominal Group Technique or Prioritization matrix, to select 1 to 3 ideas the group can focus on.