Answered: Using an industry of your choice,…

Using an industry of your choice, explain how a company can make use of the Ansoff Matrix to develop a competitive strategy. Use examples to enhance your answer.

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter8: Strategic Analysis: Understanding A Firm’s Competitive Environment

Section8.6: Competition, Strategy, And Competitive Advantage

Problem 3CC: Explain the differences between the three business-level generic competitive strategies.

See similar textbooks

Related questions

Q: In your own words, explain several reasons and examples why and how a marketing manager should…

A: Diversification is a growth strategy that was used by the company to expand its business. There are…

Q: Discuss the two main activities to create competitive advantage?

A: Organizations are global these days. They are trying to gain a competitive advantage over one…

Q: 1. Discuss what are potential sources of competitive advantage for a company? Give examples 2.…

A: Note: Since you have posted multiple independent questions in the same request, we will solve the…

Q: competitive forces affecting IKEA using a fundamental framework

A: IKEA is a notable Swedish brand of home outfitting items. Today there are 296 absolute IKEA stores…

Q: How does diversification strategy bring benefits to a firm? Illustrate your answer with real-life…

A: Diversity in work force means different type of people are included in a work force for getting…

Q: Consider the two categories of products that Timbuk2 makes and sells. For the custom messenger bag,…

A: There are many marketing activities and tasks that are being done in marketing and business…

Q: Competitive strategy aims to establish a profitable and sustainable position against the forces that…

A: The five basic competitive strategies pursued by organizations in order to create sustainable…

Q: How would you approach this issue if you were the manager in charge of sourcing raw materials for…

A: LEGO is advancing with the ambition of discovering new sustainable alternatives and executing to the…

Q: What is the relationship between an organization's customers and its business level strategy?

A: Business level strategies normally deal with a product or service that the company deals in.…

Q: Analyze the mission statement of any company on the basis of major competitive sphere

A: Mission Statements - It is made for short period of time. It will define the aim behind why the…

Q: What would be the skills, experience, subject-matter expertise, business acumen, team, innovations,…

A: While each organization's essential excursion is extraordinary, one issue stays consistent: business…

Q: Some factors to consider in assessing the existing level of competitive intensity in an industry…

A: In the given multiple choice question, we are given a scenario of competitive intensity in an…

Q: Which technologies, competencies, and skills are required to gain a competitive advantage? f the…

A: Below is the solution:-

Q: How possible is it to pursue successfully a hybrid strategy of more than one generic competitive…

A: Hybrid strategy The strength of rivalry ascends from one day to another brought about by a more…

Q: Gnomatics sells just one type of product in the local marketplace. The staff works hard to ensure…

A: The organizations in the business environment adopts various strategies through which they can…

Q: Explain the two elements or basis used to determine the extent of competition from another company…

A: Competition in the market refers to the situation where the companies are the rivals of each other…

Q: Evaluate Caterpillar Inc.’s competitive position and how they have responded to shifts in the…

A: Caterpillar Inc. is an American company that manufactures heavy equipment and engines, including…

Q: Identify the organization’s competitive advantage. I

A: Competitive advantage refers to factors that allow a company to produce goods or services at a low…

Q: Name one popular business in the restaurant of the food industry and then identify how the business…

A: There are three main business strategies: 1. Differentiated product or service strategy: Through…

Q: 1. Complete a Competitive Strategies Model for the automotive industry. Include at least two…

A: Competitive Strategy is described as the long-duration strategy of a particular organization in…

Q: ompany that is trying to be the industry leader in Bangladesh pharmaceutical indu

A: The pharmaceutical industry finds, creates, delivers, and markets medications or drug drugs for use…

Q: Describe TWO weaknesses of MHI Describe FOUR MHI’s strengths that can reduce competitive pressures…

A: Dear student as per our guidelines we can answer only 1 question in case of multiple questions…

Q: Using Michael Porter’s framework for competitive advantages, identify and justify the strategy used…

A: The generic competitive strategy (GCS) is a course of action that is planned to provide companies…

Q: The industry environment plays a critical role in the profitability of a company. Hence, companies…

A: Environmental factors affect a business in many ways. The factors which affect a business internally…

Q: How might a planner decide on competitive growthstrategies using tools such as the market…

A: The Ansoff matrix has been used by marketers for decades as it can help marketers understand the…

Q: Describe the tools or model normally used in analysing industry forces and firm’s internal resources…

A: Industry analysis is a market evaluation instrument utilized by organizations and examiners to…

Q: What is the relevance of the resources and capabilities of an organization in enabling competitive…

A: When an organization promotes profits that beat the standard for its industry, the organization is…

Q: Specifially, explain the key features of Michael Porter’s generic competitive strategies in detail.

A: Michael Porter’s generic competitive strategies: Michel porter given the four generic strategies…

Q: Discuss Kodak’s reasons why they have formulated a diversification strategy. Answer this question in…

A: Diversifying businesses have been found to always be running away from something. Companies are…

Q: Amazon is an online discount retailer that has successfully entered other businesses, such as…

A: Disclaimer: Since you have asked multiple question, so as per the company guidelines, we can solve…

Q: In achieving competitive advantage, choose a niching strategy and explain why

A: Niche Marketing - Niche Marketing is the business of promotions and sales of products or services to…

Q: Using the company resources and capabilities, conduct a competitive strength assessment to compare…

A: Mercedes-Benz Competition ComparisonMercedes-Benz cars are engineered to exacting requirements to be…

Q: Choose an industry or sector which is becoming more and more competitive among FMCG retail OR…

A: Fashion Industry is a million dollar industry world wide . Fashion refers to the sale of items…

Q: highlight the different types of generic strategies and then critically explain how buisnesses can…

A: Competitive Advantage is an element using which a company puts itself in a superior and better…

Q: Explain how a company can make use of the Ansoff Matrix to develop a competitive strategy

A: The Ansoff matrix is used to identify the growth opportunities in a business.

Question

Using an industry of your choice, explain how a company can make use of the Ansoff
Matrix to develop a competitive strategy. Use examples to enhance your answer.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.

Similar questions

What is the significance of the Herfindahl-Hirschman Index (HHI) in measuring market concentration and competition within an industry?
Business and Industry Profile. This section provides an overview of the industry andmarket segment.Market size and growth trendsSignificant industry trendsStrength of major companies in the marketCompetitor’s market share.Competitors’ products and strategies
Identify the six forces that shape competition in an industry. Describe how changes in the strength of these forces affect prices, profitability, and under which circumstances each can be considered a threat or opportunity. Why is a competitive analysis using the competitive forces framework a benefit to industry?
Three-line summaries of your brief observations on the following topics should be included: (what/why/advantage(s)/disadvantage(s)) The Manchester Method
The differences in the performance of various firms within an industry limit the usefulness of industry analysis. Discuss.
What is the relationship between an organization's customers and its business level strategy?
write a frictional extensive interview with two family members, friends, or peers who recently made a major purchase. Describe the buying process and report your results. If each represented a market segment, what are the strategy implications?
As a marketer, how are you going to solve and help a business that is experiencing shortage in supply because of a sudden demand?
Critically discuss why it is important that marketers study the business environment within which they operate, including their competitors. Give a company of your choice as an example.
Please i need the answer from marketing expert. What should be include in a review of business 's key competitors? Thank you
The justification for the fact that the fully competitive market is the most successful and most effective type of market and discuss the reasons.
What are the two main sources of competitive advantage that a company might want to pursue (according to Grant 2016)? Select one: a. Cost advantage and differentiation advantage b. Low cost and high cost C. Sales volume advantage and added value d. Broad market advantage and narrow market advantage