The Boston Matrix is a model which helps businesses analyse their portfolio of businesses and brands.
The Boston Matrix is a popular tool used in marketing and business strategy. A business with a range of products has a portfolio of products.
However, owning a product portfolio poses a problem for a business.
What is line extension strategy
Product line extension is a marketing strategy that uses an established brand to introduce a new item into the same product line.
The new item may differ slightly from what a company already offers, such as in flavor, color, form, ingredients or packaging size.
What is GE matrix in strategic management
The GE-McKinsey Matrix (a.k.a. GE Matrix, General Electric Matrix, Nine-box matrix) is a portfolio analysis tool used in corporate strategy to analyze strategic business units or product lines.
This matrix combines two dimensions: industry attractiveness and the competitive strength of a business unit into a matrix.
What is internal expansion
Internal expansion is the process of growing a business through the use of resources within the business.
Internal expansion is the process of growing a business through the use of resources within the business, and not involving the use of any type of outside activities to solicit new customers.
What are the 4 stages of the Boston Matrix
The Boston Matrix describes the impact of market share and market growth on businesses by using four categories: dogs, cash cows, question marks (or problem children) and stars.
What is Product Market Expansion Grid with examples
A market product grid is also known as an Ansoff matrix or a product-market expansion grid.
It is a tool that businesses use to develop a growth strategy. Market product grid considers new and existing markets, new and existing products, and the risks of each possible relationship.
What is external expansion
External expansion refers to business combination where two or more concerns combines and expand their business activities.
The ownership and control of the combined concerns may be undertaken by a single agency.
What is the importance of product customer matrix
Large brands and businesses with a lot of products can find it challenging to manage their product line for maximum market coverage.
A product matrix is a tool that can help companies visualize their product line and even find opportunities to develop new products.
What are the 4 areas of Boston Matrix
The BCG growth-share matrix contains four distinct categories: “dogs,” “cash cows,” “stars,” and “question marks.”
What are examples of internal expansion?
- Increasing sales revenue by improving products and services and making them more attractive to customers
- Better marketing of its product range
- Investment in research and development
- Improved training of its workforce
- Expanding the number of offices, factories and outlets
What are the 4 Product Market Expansion Grid
The grid consists of four quadrants namely: Market penetration, Market development, Product development, and diversification.
WHO has proposed product market expansion grid
A product market grid is also known as an Ansoff Matrix. It was developed by Igor Ansoff in the 1950s and published by Harvard Business Review as a way for leaders to understand the ways in which to grow their businesses.
What is product market expansion framework
The Product Market Expansion Grid, also called the Ansoff Matrix, is a tool used to develop business growth strategies by examining the relationship between new and existing products, new and existing markets, and the risk associated with each possible relationship.
What is market expansion example
Selling a product to a new market to serve a different customer need. For example, selling packages of baking soda as an air freshener for a refrigerator.
Why would a company use an expansion product mix strategy
Why would a business use an expansion product-mix strategy? To satisfy customers’ desire for variety , customers want options.
By expanding their product mix, businesses satisfy that desire.
What is product/market expansion
Market expansion is a growth strategy that aims to make a product or service available in new markets when existing ones get saturated.
What are the examples of business expansion
Different types of business expansion include purchasing new assets, opening new units, adding sales personnel, increasing advertising, adding franchises, entering new markets, providing new products or services, etc.
What is market expansion strategy
A Market Expansion strategy is an approach that helps companies grow when they have already expanded as far as possible in their existing channels.
This strategy’s primary focus is to ensure that all of your current markets are already fulfilled and satisfied with your products and services as presented.
What is an example of product expansion
There was only one Coca-Cola product when the company started. The company has expanded its line to more than 500 sub-brands worldwide – Sprite, Fanta, and Dasani.
Another popular execution strategy is the tech company Apple.
What are examples of external expansion in a business?
- Mergers
- Acquisitions
- Takeovers
- Joint Ventures (JV)
- Strategic Alliances (SA)
Is Coca Cola a line extension
Coca-Cola. During its 130+ years in business, Coca-Cola has launched its fair share of product line extensions.
If you look on any grocery shelf, you’ll notice a few different flavors and styles of Coca-Cola, such as Coca-Cola Life, Coca-Cola Zero Sugar, Coca-Cola Vanilla, and so on.
What are the advantages of expanding a business?
- increase your resources and stock
- generate more sales and profits
- reach new customers or markets
- put more money back into your business
- influence market price
- reduce external risks (eg from competition, market or technology changes)
What is diversification strategy with example
Concentric diversification refers to the development of new products and services that are similar to the ones you already sell.
For example, an orange juice brand releases a new “smooth” orange juice drink alongside it’s hero product, the orange juice “with bits”.
What is diversification strategy in business
Diversification is a growth strategy that involves entering into a new market or industry – one that your business doesn’t currently operate in – while also creating a new product for that new market.
How market expansion is a growth strategy in a business
Market expansion is a growth strategy which involves offering your existing product/service to a new market.
This “new market” is generally outside of the current geographic regions in which you currently operate.
Depending on your business, you might have multiple goals to accomplish with your market expansion plan.
Why is market expansion important
Overall, the benefits of expanding a business include reducing external risks (such as those posed by competition, the market, or technology changes).
Expansion can also enhance the impression of greater financial viability: larger businesses often look more appealing to investors and lenders.
What are the 4 types of external growth
There are five ways of External Growth: Mergers, Acquisitions, Takeovers, Joint Ventures (JV) and Strategic Alliances (SA).
What is marketing mix 7 p’s
It’s called the seven Ps of marketing and includes product, price, promotion, place, people, process, and physical evidence.
What are internal strategies
Internal growth strategy refers to the growth within the organisation by using internal resources.
Internal growth strategy focus on developing new products, increasing efficiency, hiring the right people, better marketing etc.
What are the 5 application stages of the turbulent environments
Ansoff (1979) also developed the measurement of the environmental turbulence into five levels: repetitive, expanding, changing, discontinuous, and surprising levels (figure 1).
Citations
https://www.bbc.co.uk/bitesize/guides/z72nt39/revision/2
https://study.com/academy/answer/which-of-the-following-is-an-example-of-an-external-growth-strategy-a-geographic-expansion-b-improving-an-existing-product-or-service-c-increasing-the-market-penetration-of-an-existing-product-or-service-d-extending-product-lines-e-strategic-al.html
https://www.tutor2u.net/business/reference/boston-matrix-and-product-portfolios
https://www.shopify.com/blog/product-line-extensions
https://www.mindtools.com/pages/article/newTMC_90.htm
