Ansoff Growth Matrix Essay
Ansoff Growth Matrix is very important strategy in business industry - Ansoff Growth Matrix Essay introduction. Any company can measure how achieve their market in this strategy. It consists of four kinds of strategies depending on products and markets. There are a) Market penetration: existing products and existing markets b) Product development: new products and existing markets c) Market development: new markets and existing products d) Diversification: new markets and new products. Today, McDonald is really competitive among fast food restaurants. That’s why they have to consider changing their strategy.
Market Penetration It means business creates new products or services to customer and modifying on existing market. McDonald promotes their product and market. They need to develop their foods. McDonald penetrates their market by introducing low price meal comparing with their rival for example: 99p mayo burger. Product Development It means a business creates new product or service to customer and modifying on existing market. McDonald emphasizes this strategy because they are always trying to develop their products every year.
More Essay Examples on Coca-Cola Rubric
McDonald also makes research for new meals & drinks. Before developing new menu, they always consider race. In the past, they only served soft drink (coca cola), now they can serve milk shakes and hot drink (coffee). Furthermore, they also offer new menu to the customer very often for example, Big tasty , Big Mac etc. McDonald can offer special menu for breakfast Market development “Geographic expansion” is very important in market development. In McDonald, there is a lot of franchisee around the world. Therefore they target not only local market but also international market.