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Essay Details:
Essay text:
(strategy-Ansoff’s Matrix)
Product development
• This is the development of new products for the existing market
• New products come in the form of:
- New products to replace current products to replace current
- New innovative product
- Product improvement
- Product line extensions
- New products to complement existing products
- Products at a different quality level to existing products (strategy-Ansoff’s Matrix)
Present Markets
Market development
• Market development is used when.....
- Untapped markets are beckoning
- The firm has excess capacity
- There are attractive channels to access new market
• Market development involves moderate risk - there is a lack of familiarity with customers but at least the product is familiar...
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