[BSM 200] - Midterm Exam Guide - Everything you need to know! (35 pages long)

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 200
• Professor: Ranjita Singh

Document Summary

Ansoffs matrix framework created by igor ransoff - russian american mathematician. Products and markets to categorize business strategies. Existing products and existing markets: 1st quad. Modifying a market mix by changing price or launching new social media or on internet - easier and less costly than entering new market or creating new product. Market penetration usually always employed though can use many in the ansoff matrix. Existing products in new markets: 2nd quad. Market development to sell a product that"s already been developed to a market with brand new customers. Making new changes to marketing mix: opening distribution channels, developing new pricing policies, promotional strategies - for new market this is used when current market is saturated no new customers - no additional revenue. Uses when there is an untapped market , when firm has excess capacity, when producing more existing products - no new revenue no new attractive channels (internet) New products in an existing market: 3rd quad.