Strategic Planning

Use appropriate tools to develop strategic options for an organization
Ansoff Matrix:
The Ansoff Growth matrix is marketing planning tool that helps a business determine its product and market growth strategy.
Ansoff’s product/market growth matrix suggests that a business’ attempts to grow depend on whether it markets new or existing products in new or existing markets.
The output from the Ansoff product/market matrix is a series of suggested growth strategies which set the direction for the business strategy. These are described below:

Market Penetration:
It’s a growth strategy for an existing business to focus on selling existing products in existing market. It has four main objectives. For Nokia * Nokia should maintain the market share (if can’t increase) for current products by advertisement, competitive pricing strategies and sales promotions. * Secure dominance on growth market. * Restructure the mature market by driving out the competitor. Nokia should decrease it prices that much, so market become worst for the competitor. * Increase usage by existing customers – for example by introducing loyalty schemes to increase confidence in the existing costumer.
Market Development:

It’s a growth strategy for a business to focus in the new market. Nokia should start providing its existing products in the new country, market with current products. Make the packing of the products more attractive, different pricing policies.

Products Development:

It’s a growth strategy for business to introduce new products in existing market. Nokia should have to work on it to launch new products with more features and quality. For successful product development in market emphasis on * Research and development * Get the full knowledge of costumer (costumer need) * Be the first (innovation)
Diversification:
It’s a growth strategy to introduce new products in new market. It’s a very risky strategy because of new market. Nokia has to do