MN7185 Leadership and Strategic Management

Ansoff Matrix for Strategy Development The Ansoff Matrix is used in the strategy formulation stage of the planning process. It is used to identify which overarching strategy the business should use and then informs which tactics should be used in the marketing activity. Sometimes an organization will adopt two strategies to reach different markets. Igor Ansoff developed the Ansoff Matrix in 1957. It offers you a simple and useful way to think about growth. The Matrix outlines four possible avenues for growth, which vary in risk, Market penetration.                 Source- Marketing91. Market Penetration - Market penetration is adopted as a strategy when the firm has an existing product and needs a growth strategy for an existing market. Market Development - Market development is the second market growth strategy which can be adopted as per the Ansoff’s matrix. The market development strategy is used when the firm ...

Strategic Change Strategic change is the movement of a company away from its present state toward some desired future state to increase its competitive advantage. It is an approach to bringing about congruence among the organization's strategy structure and human resource systems and the larger environment. In a globalized world shaped by social, political and environmental issues, organizations and teams need to be able to respond to change more frequently and efficiently than ever before (Business balls, 2020). The planning and implementing of strategic change are an important aspect of the role of manager. Strategic change is basically having a certain strategy and then making changes to it. A strategy is a long-term plan to achieve certain objectives. Strategies are aimed at the future, and should be aimed at lasting change. This is necessary to stay relevant in a highly evolving market. Brands which failed due to Strategic change There are several b...