H. Igor Ansoff (December 12, 1918 - July 14, 2002) was a Russian_American, Applied_mathematicsand Business_manager. He is known as the father of Strategic_management.
Marketing and MBA students are usually familiar with his http://wiki.answers.com/w/index.php?title=Product-Market_Growth_Matrix&action=edit&redlink=1, a tool he created to plot generic strategies for growing a business via existing or new products, in existing or new markets.
Professionally, Ansoff is known worldwide for his research in three specific areas:
Igor Ansoff died in 2002.
Igor Ansoff was born in 1918.
H. Igor Ansoff has written: 'Strategisk planlaegning' 'Managing surprise and discontinuity' 'Corporate planning' 'Twenty years of acquisition behavior in America' 'Functions of the executive office in a large conglomerate' 'Comment on Henry Mintzberg's rethinking strategic planning'
this man is one of the persons who helped to develop early computers.
John Vincent Ansoff, from Bulgaria, invented the first computer.
To identify marketing strategies in relation to Product, and the risk associated with carrying out this strategies. Do i sell more in existing market ? Do i enter new market ? Do i sell new product ? - either in Existing market or New markets . Do i diversify ? Ansoff's matrix helps to give a clearer picture to the questions above.
The Ansoff Matrix is a strategic planning tool that helps businesses decide their product and market growth strategy. It provides four growth strategies: market penetration, market development, product development, and diversification. It helps organizations assess potential risks and benefits when considering new opportunities for growth.
Advantages of Ansoff Matrix- Increasing the brand loyalty, this will encourage customers to buy their brand instead of some other. Well known brands use this strategy, such as; Kellogg's corn flakes.- Encourages customers to buy the product more regularly.- The brand may bring out different size quantities of the product, which will encourage customers to buy more of the product.
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The Ansoff Matrix can oversimplify strategic options by limiting them to just four categories, potentially neglecting other viable strategies. It may also lead to a focus on growth at the expense of risk assessment, as it doesn't explicitly address the risks associated with each strategy. Additionally, the matrix assumes that market and product variables are stable, which may not reflect the dynamic nature of industries. Lastly, it can be less effective for businesses operating in highly competitive or rapidly changing environments where more nuanced strategies are required.
Avarekalu in Kannada means Hyacinth beans in English and Surti Papdi in Hindi.