05/11/2020
One of the most popular models to generate business development is ANSOFF MODEL.
Ansoff Model is presenting 4 different strategies to growth your business and those are the 4:
Market Pe*******on - With existing products in existing markets the target is to take over a bigger market share. Could be achieved by changing the selling process, changing your opening hours of your store, reducing order processing times, showcase the entire product portfolio etc, customer loyalty improvement and customer value improvement and more...
Example: Coca-Cola
Product Development - To expand the existing markets or pe*****te new markets by launching new products. Could be achieved by developing new products, perhaps using cheaper manufacturers, improved quality, updated packaging. Market research to ask potential customers and influencers for feedback can help here.
Example: Apple
Market Development - To achieve additional new market shares by penetrating existing products to them. research on your market share in your existing sectors backs up potential demand for you to consider entering new markets, Considering search intent for services in different markets.
Example: Renault
Diversification - Move into new markets with new products or services, increase your sales with your existing customer base as well as acquisition.
Example: Tesla
