Read the following extract and then answer the questions below. There is no doubt about the importance of a business plan in any business undertaking. A business must draw up a plan and formulate appropriate strategy/strategies to translate its plan into reality to be successful. Fortunately, they are many strategies and models already developed that individual companies could choose from and apply to suit its special situation. The managing director of company XYZ Pty Ltd has asked to remind him on the Ansoff Matrix because he once learnt about briefly in one of the workshops, he attended 3 years back. He wants to revise his plan and incorporate new strategies this time around. With an aid a diagram discuss the Ansoff Matrix (25 marks)

Read the following extract and then answer the questions below. There is no doubt about the importance of a business plan in any business undertaking. A business must draw up a plan and formulate appropriate strategy/strategies to translate its plan into reality to be successful. Fortunately, they are many strategies and models already developed that individual companies could choose from and apply to suit its special situation. The managing director of company XYZ Pty Ltd has asked to remind him on the Ansoff Matrix because he once learnt about briefly in one of the workshops, he attended 3 years back. He wants to revise his plan and incorporate new strategies this time around. With an aid a diagram discuss the Ansoff Matrix (25 marks)

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

See similar textbooks

Similar questions

which of the following assumptions characterizes comprehensive planning? OA. There is a common public interest that can be identified by planners. B. Rational analysis can diagnose problems and develop strategies to address them. C. Each community is made up of different groups and interests, each with equally legitimate goals and values, and conflicts between them can only be resolved by the political process. O D. Planners can deploy their scientific expertise to identify public goals and objectives, analyze situations and diagnose problems, and propose appropriate responses. O E. A central general-government agency is empowered to implement the plan's proposl.
Effective planning case studies often illuminate the dynamic interplay between theoretical frameworks and real-world challenges. These studies encapsulate the essence of decision-making processes, showcasing the importance of thorough analysis, stakeholder engagement, and scenario planning. Both triumphs and setbacks, they provide a roadmap for understanding the multifaceted nature of planning, highlighting the need for flexibility in the face of unforeseen circumstances. Furthermore, planning case studies can serve as a catalyst for innovation, encouraging organizations to rethink traditional approaches and embrace adaptive strategies. They underscore the significance of continuous evaluation and feedback loops in the planning cycle, emphasizing that successful outcomes are often contingent on an organization's ability to learn from both triumphs and failures. How can organizations strike a balance between adhering to established planning methodologies and embracing the flexibility…
1. How important is planning to organization managers? 2. How do you plan to reach your goals?
Below is the levels of organizational strategies and the decision-makers 1. Corporate Level: Chief Executive Order 2. Division Level Division President/Executive Vice President 3. Functional Level Finance, Marketing, R&D, Manufacturing, Information Systems and Human Resource Managers 4. Operational Level Plant managers, sales managers, production and department managers Scenario You and a group of enthusiastic colleagues have recently graduated from university, and are eagerly discussing a possible joint entrepreneurial venture, focusing on the production of environmentally friendly electric vehicles. To fund this new venture, the team has been advised to come up with a solid implementation plan, supported by the strategy implementation framework to include detailed information on the business concept, strategic vision, mission, revenue model, financial objectives, and projections and much more. The rising use of hybrid and environmentally friendly electric vehicles (EVs)…
A business plan is like the backbone for any business. Explain
The Internet has created new ways to do business for organizations with much less capital planning as opposed to the high capital needs of traditional brick and mortar organizations. Based on this, answer the following questions: How should management and leadership address each type of business? Describe the organizational structure of 1 traditional and 1 online retailer, identifying a management or leadership challenge for each type of retailer. Are the challenges basically the same or different? In what ways are they the same, or how are they different?
SHORT ANSWER If you were a business owner, which of these goals might you be able to accomplish using the framework of Theory Z or Theories X and Y? Could you use Theory Z to work on one goal and use Theories X and Y to work on another goal, thereby accomplishing two goals with these theories by using a different approach on each of the two goals? Goal 1: Improve quality of a product or service. Goal 2: Improve employee collaboration. Goal 3: Foster decision making skills in the workforce. Goal 4: Develop and maintain a successful workforce in a global environment. Goal 5: Develop strong leadership in the work place. Goal 6: Foster adherence to organizational values, ethics, and professional responsibility.
The limitations of planning are too serious to make planning a creditable functions . What are the limitations of planning ?
7 Compare the components and applications of the models in the Full syllabus under the heading On Business Strategy in Week 5 based on the following Categories of Comparison below. The models are Porter’s Five Forces, SWOT, BCG, and PEST. Categories of Comparison  What is the purpose of the model?  How do managers use the model in the formulation of strategy?  How does the model help to analyze the firm’s “competitive environment”?  How would managers use the model to assist them in analyzing their firm’s specific competitive capabilities?  How does the model hhelp to analyze the firm’s various businessunits?
business math last three solutions
"Contemporary business organizations need to allocate more time on planning." Examine this statement using examples
Effective planning is akin to laying the groundwork for success, serving as a strategic tool that aids in the achievement of desired outcomes. It involves a systematic approach of outlining objectives, determining the necessary resources, and establishing timelines. One key aspect of planning is the identification and mitigation of potential risks, allowing for a more proactive response to challenges. Moreover, planning fosters collaboration and communication within teams, aligning everyone toward a common purpose. In both personal and professional contexts, individuals who invest time in planning tend to experience a more organized and efficient pursuit of their goals. The act of planning not only enhances productivity but also instills a sense of confidence and control, enabling individuals to navigate uncertainties with greater resilience. Question: How do you prioritize tasks within your planning process, and what strategies do you employ to mitigate potential risks or challenges…