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    The document discusses Ansoff's Growth Matrix and its four strategies: 1) Market Penetration, which focuses on growing existing markets with existing products. 2) Product Development, which introduces new products to existing markets. 3) Market Development, which targets new markets with existing products. 4) Diversification, which involves entering new markets with new products. It then provides objectives and risks for each strategy, and outlines key questions to consider when developing new products.

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    The document discusses Ansoff's Growth Matrix and its four strategies: 1) Market Penetration, which focuses on growing existing markets with existing products. 2) Product Development, which introduces new products to existing markets. 3) Market Development, which targets new markets with existing products. 4) Diversification, which involves entering new markets with new products. It then provides objectives and risks for each strategy, and outlines key questions to consider when developing new products.

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    5 views8 pages

    CBS+ +module+7+ +Product+Strategy+ (Part+10+of+12)

    Uploaded by

    MOHIT VIG
    The document discusses Ansoff's Growth Matrix and its four strategies: 1) Market Penetration, which focuses on growing existing markets with existing products. 2) Product Development, which introduces new products to existing markets. 3) Market Development, which targets new markets with existing products. 4) Diversification, which involves entering new markets with new products. It then provides objectives and risks for each strategy, and outlines key questions to consider when developing new products.

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    © All Rights Reserved
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    of 8

    Product Strategy

    I
    Chitkara Business School MBA Course I 2nd year

    October/November 2021
    New Products and Brand Extensions
    Ansoff’s Growth Matrix

    Existing Products New Products

    Product
    Existing Markets Market Penetration
    Development
    Strategy
    Strategy

    Market Diversification
    New Markets Development Strategy
    Strategy

    2
    EPEM NPEM EPNM NPNM

    Market Penetration - Objectives

    Grow the pie Play for podium

    Increased consumption
    Overtake competition
    from existing customers 3
    Risk Low Medium High
    EPEM NPEM EPNM NPNM

    Product Development - Objectives

    Growth via new products Remain competitive

    Provide variety to Solve a pressing


    consumers problem
    4
    Risk Low Medium High
    EPEM NPEM EPNM NPNM

    Market Development - Objectives

    New geographies New product benefit

    New distribution Change in pricing


    channels
    5
    Risk Low Medium High
    EPEM NPEM EPNM NPNM

    Diversification - Objectives

    New geographies

    6
    Risk Low Medium High
    Key questions to ask before developing a new product

    • Who is the target of your new product*?


    • What specific need of these target customers will your new product fulfill?
    • Which specific benefits should the new product have?
    • How will you market and sell the new product?
    • How will you manage cost such that the new product is profitable without
    disturbing the sales of your existing products in your product mix?
    • When is the best time to launch?
    • How to respond to similar products being launched by competition?
    • How to organize a pipeline of new products?

    *New Product may also mean an iteration of an existing product 7


    End of Session 7/12

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