The Ansoff Matrix and a System for Profitable Growth
Step 1: Market Penetration
Step 2: Extension by Market Development or Product Innovation
Ask yourself the following questions:
- How well do we really understand the motivations of our customers?
- Do our customers really want and need the things we think they want and need in a product?
- What new features or products would our current customers find desirable?
- Additionally, moving forward, how will we manage our innovation programs to ensure that products with the greatest potential receive the highest priority? What processes will we use?
Step 3: Diversification
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Finding and sustaining a competitive advantage is vital for growth and sustainability in a global economy. Companies fortunate enough to be part of a cluster—an area with a concentration of businesses, suppliers and educational institutions all focused on one core industry—have a leg up on those who aren’t. Between the cutting-edge academic research being conducted […]