ANSOF MODEL.


THE EASIEST WAY TO GROW YOUR BUSINESS

CURRENT

NEW


CURRENT

Product penetration

Product development


NEW

Current customers

diversification
                                                          Product
                                                                                                                                     
                                                                   


Customers



Product penetration
Ø A strategy attempting to increase sales of current products to current customers.
Ø Under this strategy the entrepreneur might use incentives to get current customers to buy more of ventures product (s) or might advertise other uses for the product.

Product development
Ø A strategy for creating new products for use by current customers. A new product may include improved or modified versions of existing products. In addition, new features, options, sizes and ingredients are often used in developing new product for current customers.

Customer development.
Ø A strategy that attempt to sell current product to new customers. New customers might come from addition geographic areas or market segments not currents served.

Diversification
Ø Under this approach, the venture attempts to expand both new products and new customers. This approach tends to be one of the riskiest growth strategies because one is dealing with both new product and customers. However it can be a way to continue growing.



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