In the article, the author discussed four (4) different types of product-market strategies: Market penetration, Market development, Product development, and Diversification. Select one (1 ) of these strategies that you would use for future growth of a business, and examine the main advantages and disadvantages of the selected strategy.

Product-market strategies: Market penetration, Market development, Product development, and Diversification

  • 1.  Read the article titled “Breaking Down the Ansoff Matrix”, located at http://www.atlbusinessjournal.com/?p=1481.
  • In the article, the author discussed four (4) different types of  product-market strategies: Market penetration, Market development,  Product development, and Diversification. Select one (1 ) of these  strategies that you would use for future growth of a business, and  examine the main advantages and disadvantages of the selected strategy.  Provide an example or scenario to support your response.
  • It is well known that diversification across a portfolio sometimes  can be challenging. Propose one to two (1-2) overall diversification  strategies that you would use in order to improve operating excellence.  Provide a rationale for your response.

Please respond to the following post. (1st)

 

Read the article titled “Breaking Down the Ansoff Matrix”, located at http://www.atlbusinessjournal.com/?p=1481In  the article, the author discussed four (4) different types of  product-market strategies: Market penetration, Market development,  Product development, and Diversification. Select one (1 ) of these  strategies that you would use for future growth of a business, and  examine the main advantages and disadvantages of the selected strategy.  Provide an example or scenario to support your response.

After reading the article and understanding the growth strategies  listed in The Ansoff Matrix: market penetration, market development,  product development and diversification it was understood that all of  these elements can play a crucial role in being able to capitalize on  ROI and minimize associated risks. Product development is a “higher risk  strategy” that can be utilized for future growth of a business.  According to the article (2015), “this higher risk strategy sells new  and improved products to an existing market. Product development is an  opportunity where marketers use results from focus groups and R&D  trends to promote how customers will value an amazing experience with a  new and improved product. Even though a version of a product was  released three months ago, a newer version promises to be faster,  stronger, and much better.” When executed effectively this strategy can  be the key to increasing profitability and ROI. Product development  helps to promote innovation within a company with generating new and  creative ideas and fostering collaboration that considers various points  of view. However, if each stage of production is not monitored then it  can fail at meeting the needs of consumers and fail and being the so  called new and improved version of an already existing product. Faulty  testing and the reluctance to gain consumer feedback may delay  perfecting little defects in the product. Additionally, companies must  set realistic goals and expectations with attainable objectives that are  aligned with the brand. Setting realistic goals and expectations can  reduce product failure while being aware of unexpected or uncontrollable  external circumstances that may hinder product development.

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