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 #+filetags: :business:
 
 * 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"(2019).
+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"(2019).
 
-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(2019). 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 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(2019). 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
-[[https://en.wikipedia.org/wiki/Ansoff_matrix][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(2019).
+One of the most significant strategic planning and management frameworks that
+companies can use is the [[https://en.wikipedia.org/wiki/Ansoff_matrix][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(2019).
 
-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.
+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.
 
 #+caption: 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(2019). 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.
+The most straightforward strategy in the Ansoff matrix is to focus on existing
+products in existing markets, also known as market penetration(2019). 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(2019). 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"(2019).
+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(2019).
+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"(2019).
 
 ** Product Development
-Product development uses existing markets to introduce new products so
-that the firm can better meet customer needs(2019). 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(2019). 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(2019).
+Product development uses existing markets to introduce new products so that the
+firm can better meet customer needs(2019). 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(2019).
+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(2019).
 
 ** 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(2019).
+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(2019).
 
 ** 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.
+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.
+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.
+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
-[[https://en.wikipedia.org/wiki/Analysis_paralysis][paralysis by
-analysis]] 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.
+Lastly, it should be noted that the author of the Ansoff matrix, Igor Ansoff,
+often used the term [[https://en.wikipedia.org/wiki/Analysis_paralysis][paralysis by analysis]] 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.