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You must have JavaScript enabled in your browser to utilize the functionality of this website. Ansoff’s matrix suggests four alternative marketing strategies which hinge on whether products are new or existing.
Market penetration – This involves increasing market share within existing market segments.
Market development – This strategy entails finding new markets for existing products.
Diversification – This involves moving new products into new markets at the same time. Below are external web links provided by Portakabin in relation to their business activities. Subscribe to our newsletter for current business news including lesson plans and activity ideas. If you learnt more about Achieving growth through product development from this Portakabin case study, why not share it with others? In the late fifties a gentleman called Igor Ansoff created his now well known matrix, which highlighted four specific ways in which a business could develop strategies for growth. Ansoff’s matrix was first seen in the late fifties in the Harvard Business review and is regularly used today by marketers to provide a structured way of developing a range of strategic choices by which to grow a business. The matrix takes into account the ability to grow a business by leveraging new or existing products via new or existing markets. Typical ways of increasing market share would involve a mix of increased advertising, price discounting and using push (direct ) selling strategies into existing and clearly defined markets. For example water-soluble polymers (product) originally designed for rapid control of urine capture in babies nappies were marketed as an additive for potted plants that needed a constant source of water. The motor industry is a classical example where product development is used to gain a competitive advantage in an existing market.
Product development involves an amount of risk due to the time and effort spent on developing a new product and marketing before you generate any sales and create revenue.
For example the brewing industry and manufacturers of crisps are different markets but can be considered related (food Industry). Market Diversification is the highest risk area in developing marketing strategies for growth. To be successful in this strategic growth arena you must show a real commitment to the program or you will have an increased chance of failure.
The supermarket chains who went on a market diversification strategy also had the advantage of a large and mainly loyal existing customer base who went on to buy products that were outside of the supermarkets normal scope of supply. If you need any help in developing growth in your business then contact us and we will be pleased to help you think and develop growth!

Motivational Quotes Keep steadily before you the fact that all true success depends at last upon yourself.
I am addicted to the thrill of the hunt on Kickstarter, a funding platform for creative projects.
Setting aside the less-than-serious projects like potato salad, crowdfunding sites like Kickstarter are changing the innovation game, and product development teams should pay close attention. It’s safe to say that the goal of Lay’s recent “Do Us a Flavor” campaign was not to find the next great potato chip flavor inventor. About FreshMRFreshMR is powered by Market Strategies International, a market research consultancy which designs and implements intelligent research and delivers meaningful results that help you make business decisions with complete and total confidence. Product development involves thinking about how new products can meet customer needs more closely and outperform the products of competitors.
Market research and further segmentation of markets helps to identify new groups of customers. These are the activities that it has the most experience of and has a reputation for producing. In this situation there would be no change to product or the markets the organisations is targeting. It is also less risky in following a strategy of product development as opposed to market diversification.
On the other hand should the brewing company decide to manufacture cars then this would be considered unrelated market diversification. Being able to easily access customers when following a market diversification strategy can significantly minimise the downside risk of failure. You can choose to develop plans in all four strategic arenas or mix and match depending on your overall capability to manage a varied strategic growth plan.
I love exploring projects from around the globe that are seeking funding from people like me.
Over 6.5 million people have funded projects that range from the absurd (a “hot” project is for making potato salad with an initial funding goal of $10 and a final pledge level surpassing $54,000 as well as a national debate about what “the potato salad guy” should do with the funds) to the futuristic (a Dick Tracy smartwatch called Pebble, with an initial funding goal of $100,000 and a record-setting final pledge level of more than $10 million).
Typically, companies look for new product and service direction by conducting traditional customer focus groups and surveys with the general population, which can yield average if not disappointing results.
In case you missed it, the contest challenged customers to think of new potato chip flavors. The purpose of this matrix is to help managers consider how to grow their business through existing or new products or in existing or new markets.
The more an organisation moves away from what it has done in the past the more uncertainties are created. For Portakabin this is factory manufactured buildings as this is what its reputation has been built around.

Ansoff suggests that to grow under these circumstances would require a market penetration strategy. Kodak have, since the evolution of digital cameras, decided to stop making traditional film cameras. See at a glance whether or not you have  a few or several plans in place to grow your business. With my background in tech research, I am drawn to the technology and product design campaigns, but I enjoy exploring coffee, tabletop games and several other categories as well. In this way he was helping managers to assess the differing degrees of risk associated with moving their organisation forward.
To increase sales Portakabin decided that product development was the best marketing strategy to use. As an example supermarket chains in the UK and overseas have diversified into non food related products such as insurance and banking with a degree of success.
I could spend hours reading the entrepreneurs’ backstories and why they believe their widget is the most valuable, special thing out there.
At one time, these brands were the undisputed front-runner in their respective category, but now they either are struggling or have disappeared entirely.
Most consumers can talk about what they know and react to what they see, but only a few can provide insight into how things should and could be instead of how things are. Customers voted for their favorite, and the participant who suggested the winning flavor—Cheesy Garlic Bread—won $1,000,000. This strategy would allow Portakabin to provide more choices for its customers in order to meet their needs more closely.
For people like me, Kickstarter is the perfect mix of online shopping, online community and heroism.
In hindsight, the reason seems clear—they failed to take advantage of changes in the market while competitors capitalized on emerging opportunities. So why go to the trouble of staging this contest instead of concentrating on traditional marketing strategies?
The answer is simple: consumers don’t trust traditional marketing strategies anymore, and businesses are getting creative, using consumer-generated marketing—directly involving the customer in the marketing and development of products—to succeed. Because via Kickstarter, the Davids of the world can rise up against the Goliaths—corporations and well-funded venture capital firms—and have a real, substantial say about which innovations go to market.

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