Ansof Matrix PRODUCT MARKET EXPANSION GRID
Subscribe Intellectual Indies, press the bell icon and never miss an update In order to develop our business we've tried many ways There was this person Ansof who made this method called Ansof Method. Which is called product development matrix He told us How can you expand your company In this matrix, we have divided products and market. Where we've talked about New product, new market, existing product How can we expand our existing product? One: in our current market Means our competitors We'll try our consumer don't buy from our competitor. or we capture new market.
This is called Market Penetration. Means Expanding the product in the existing market. If i am selling a product in delhi which has sales around 1 lakh. so I'll try to increase the sale to 2 lakh. So people stop buying products from our competitors.
How can we do this? For example: Diwali is coming - cadburry Kurkure. Or look at your retail stores. They have created a combo pack Normally many people don't eat kurkure. But when they will buy a gift for diwali, they'll definitely buy it.
What did they do? People who don't buy their product. They strategically let them taste it Let's say you bought it and gave it to your relative, he hasn't eaten kurkure in his whole life. NOw that you gifted him the box and he may like it Maybe next time when a guest comes at his home, he may serve them kurkure. Same is with cadbury You've seen packets of Cadbury And it may include many products that nobody buys.
What will happen? You gifted the choclate to that person and maybe he hasn't eaten it so far. He tasted it and liked it Maybe in future, he eat it again This is called Marketing Penetration Normally people use it to the fullest specially on the occasion of diwali. Now i can do this too. I can take that existing product in the new market.
New market can be, if i sell my product in delhi Now i sell my product in haryana too. Talking about international I can sell it to foreign countries and this is called Marketing Development Here we developed our market. For example Patanjali Patanjali captured the normal indian market.
After this, they've created their international outlet. They are selling their products there.
This is Marketing development. What can happen Let's say Patanjali existing product lines. People are buying therr products Now they introduced a new product. In the our existing market. What they'll do?
They'll anaylse That this audience needs this type of product. Initially they were in ayurveda/dantkanti Now they are selling refind oils Naturally processed refined oil. They know that refind oil market exists.
But people don't know about refind oil So they developed a new line of product. Now this doesn't mean naturally processed oil didn't exist in the past But they captured it differently If you are doing your business You may get some ideas on how you can do the same.
If you want You can use all the 4 strategies Let's talk about the fourth If our product is new and we want to take it to a new market. This is called diversification This is a very good stage in a business. For example: Tata, reliance Reliance used to extract oil then started processing the oil and then to petrol pumps then telecomm Jio is known already Then started selling phones.
Reliance has it's own digital stores, tv This is Diversification You can release new products in the new market, Can diversification do backfire? Maybe people think Patanjali is ayurvedic But in future if patanjali releases tv Fridge, washing machine People may doubt it It may affect their branding.
It may affect their branding too. If you want to diversify your company you need to analyse your brand image. and on the basis of that Initially when a company diversifies They do that in their industry Just like tata They are into cars, the steel comes from tata Paint is from tata Tata is making all the products they need in making cars.
Here products are related. Here people can understand your diversification.
Patanjali is ayurvedic They used that in tooth paste and started selling it This makes sense, now you can do switch Like you sell poison and now you are into food Example: ITC ITC was a tabacco company All the cigarrates All the popular brands were of ITC BUt now they've entered food line. into clothing This is the biggest example of diversification Reliance and tata too but ITC was on a different level Reliance, tata entered their related industry though. At one point they are selling tabbaco. And on the other side they are selling sunfeast biscuit. This is diversification.
If you are thinking of taking this step, research before you do anything. Normally it affects the branding of the company totally In today's scenario Patanjali uses all 4 strategies. I am showing you this photo What do you think about this strategy? Okay friends, video ends here If any doubts, do ask me in the comments.
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