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-date = 2019-12-03
-title = "The Ansoff Matrix"
-description = "Learn about the Ansoff Matrix, a strategic management tool."
-+++
-
-# Overview
-
-As the world of business evolves, managers must approach business
-planning and strategy with a contemporary mindset. According to Dess,
-McNamara, Eisner, and Lee, managers must be willing to adapt to the
-modern business environment by going beyond "'incremental
-management', whereby they view their job as making a series of small,
-minor changes to improve the efficiency of the firm's operations"[^1].
-
-One reason that strategic management is crucial is because most
-businesses that fail in the United States each year fail due to a lack
-of strategic focus or direction[^2]. The rate of failure for businesses
-with poor strategies shows that strategic planning and management are
-crucial to a business's strength and longevity, injecting the critical
-factors of growth and direction into a company's business plan.
-
-One of the most significant strategic planning and management frameworks
-that companies can use is the [Ansoff
-Matrix](https://en.wikipedia.org/wiki/Ansoff_matrix). While this
-framework has unique purposes and use-cases, it can effectively help an
-organization grow and compete. Specifically, the Ansoff matrix is one of
-the most effective frameworks for companies who want to focus on
-increasing sales revenue or profitability[^3].
-
-This framework uses a two-by-two figure to show the four strategic
-options for companies to use in this framework: market penetration,
-market development, product development, and diversification (see
-**Figure 1**). The x-axis of the matrix focuses on the firm's markets
-and also determines if the firm is looking to enter new markets or
-innovate in its current markets. The y-axis of the matrix focuses on the
-firm's products and determines if the firm wants to pursue strategies
-around their existing products or explore new products.
-
-![The Ansoff Matrix by JaisonAbeySabu, Own work, CC BY-SA
-3.0](https://img.cleberg.net/blog/20191203-the-ansoff-matrix/ansoff_matrix-min.png)
-
-# Strategic Options
-
-## Market Penetration
-
-The most straightforward strategy in the Ansoff matrix is to focus on
-existing products in existing markets, also known as market
-penetration[^4]. Companies such as Coca-Cola have used market
-penetration successfully by investing a lot of money to get further
-value out of their current markets. Coca-Cola does this by introducing
-new features such as Christmas-themed bottles, personal names on the
-bottles, and other marketing schemes.
-
-## Market Development
-
-Market development extends existing products into new markets in an
-attempt to increase the number of buyers. One interesting way that
-Coca-Cola used this strategy comes from the stigma that Diet Coke is a
-woman's drink[^5]. Coca-Cola introduced Coca-Cola Zero, which contained
-the same nutritional content as Diet Coke, but was packaged in a dark
-black can to appear more "manly"[^6].
-
-## Product Development
-
-Product development uses existing markets to introduce new products so
-that the firm can better meet customer needs[^7]. The extreme end of
-diversification is home to companies such as Johnson & Johnson, a
-healthcare company that has developed a business portfolio of more than
-60,000 different products[^8]. Johnson & Johnson's dedication to
-continuous diversification has led them to a balance sheet rating of
-"AAA", industry recognition for diversification, and increases in
-their investor dividends for 57 consecutive years[^9].
-
-## Related Diversification
-
-Diversification, the final strategy of the Ansoff Matrix, is more
-difficult than the others since it involves exploring both new markets
-and new products. Related diversification is a diversification strategy
-that closely relates to the firm's core business. Coca-Cola's best
-example of related diversification is its acquisition of Glaceau and
-Vitamin Water, which expanded their drinking lines of business[^10].
-
-## Unrelated Diversification
-
-Unrelated diversification is a diversification strategy that does not
-really relate to the firm's core business but still diversifies their
-business portfolio. A good example of this would be a coffee company who
-has decided to enter the market for bicycle sales. The main purpose of
-this strategy is to an extremely diverse company that will not go
-bankrupt if one market goes through difficult times. However, this
-requires a lot of independent skills and heavy investments since the
-company most likely cannot easily transfer knowledge between the markets
-they compete in.
-
-# Requirements for Success
-
-To use the Ansoff Matrix framework, managers need to formulate corporate
-goals and objectives. Without goals and direction, management frameworks
-do not present much practical utility. Further, the Ansoff Matrix
-requires the managers involved to make tactical decisions and create a
-path for the company to take toward their goals. Lastly, both the Ansoff
-Matrix needs to consider both internal and external perspectives
-throughout the strategy formulation process.
-
-One interesting probability is that companies will be using multiple
-strategic planning and management frameworks at the same time. While
-this may sound like it could crowd the management process, there are
-numerous reasons to do so. For example, the Ansoff Matrix and the
-Balanced Scorecard are relatively popular, and they cover entirely
-different parts of a company's strategy. Using the results from the
-Balanced Scorecard could inform a company of the potential product and
-market demands, such as from customer or supplier survey results, to
-help the company determine which Ansoff Matrix strategy to pursue.
-However, a combined approach at this level would require mature
-frameworks and focused managers who are able to strategize at a high
-level.
-
-Lastly, it should be noted that the author of the Ansoff matrix, Igor
-Ansoff, often used the term [paralysis by
-analysis](https://en.wikipedia.org/wiki/Analysis_paralysis) to explain
-the mistake of companies who overuse analysis and spend too much time
-planning. Companies need to understand the utility of a strategic
-management framework while ensuring that the company is poised to
-execute as efficiently as they have planned.
-
-# Footnotes
-
-[^1]:
-    ```example
-    Dess, G. G., McNamara, G., Eisner, A. B., Lee, S. H. (2019). Strategic 
-    ```
-
-    management: Text & cases, ninth edition. New York, NY: McGraw-Hill
-    Education.
-
-[^2]:
-    ```example
-    Juneja, P. (n.d.). Benefits of strategic management. Management Study 
-    ```
-
-    Guide. Retrieved from
-    <https://www.managementstudyguide.com/strategic-management-benefits.htm>.
-
-[^3]:
-    ```example
-    Meldrum M., McDonald M. (1995) The Ansoff matrix. In: Key Marketing 
-    ```
-
-    Concepts. London: Palgrave.
-
-[^4]:
-    ```example
-    Meldrum M., McDonald M. (1995) The Ansoff matrix. In: Key Marketing 
-    ```
-
-    Concepts. London: Palgrave.
-
-[^5]:
-    ```example
-    Oakley, T. (2015). Coca-Cola: The Ansoff matrix. The Marketing Agenda. 
-    ```
-
-    Retrieved from
-    <https://themarketingagenda.com/2015/03/28/coca-cola-ansoff-matrix/>.
-
-[^6]:
-    ```example
-    Oakley, T. (2015). Coca-Cola: The Ansoff matrix. The Marketing Agenda. 
-    ```
-
-    Retrieved from
-    <https://themarketingagenda.com/2015/03/28/coca-cola-ansoff-matrix/>.
-
-[^7]:
-    ```example
-    Oakley, T. (2015). Coca-Cola: The Ansoff matrix. The Marketing Agenda. 
-    ```
-
-    Retrieved from
-    <https://themarketingagenda.com/2015/03/28/coca-cola-ansoff-matrix/>.
-
-[^8]:
-    ```example
-    Lemke, T. (2019). The most diversified companies in the stock market. The 
-    ```
-
-    balance. Retrieved from
-    <https://www.thebalance.com/the-most-diversified-companies-in-the-stock-market-4169730>.
-
-[^9]:
-    ```example
-    Johnson & Johnson. (2018). 2018 Investor Fact Sheet. [PDF file]. Retrieved
-    ```
-
-    from
-    [http://www.investor.jnj.com/_document/2018-investor-fact-sheet-4-19'id=0000016a-5681-d475-a17f-d78db54a0000](http://www.investor.jnj.com/\_document/2018-investor-fact-sheet-4-19'id=0000016a-5681-d475-a17f-d78db54a0000).
-
-[^10]:
-    ```example
-    Oakley, T. (2015). Coca-Cola: The Ansoff matrix. The Marketing Agenda. 
-    ```
-
-    Retrieved from
-    <https://themarketingagenda.com/2015/03/28/coca-cola-ansoff-matrix/>.