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Your assignment is to prepare and submit a paper on ansoff versus three generic strategies.
Your assignment is to prepare and submit a paper on ansoff versus three generic strategies. What is also important to understand that Porter also suggested three important strategies which can be used in order to successfully deal with five forces. Though Porter’s Generic strategies as well as the Five Forces model is considered effective however, there are also other alternative models outlining as to how a firm can successfully deal with the competition and make strategic decisions. One such model is the Ansoff’s Matrix which is also called the Product Market Expansion Grid. Developed in 1975, this matrix largely depends upon the product as well as the industry in which a firm operates and resultantly offers different choices to a firm in order to deal with different strategic challenges. Ansoff’s Matrix suggests four important strategic alternatives available to a firm to successfully operate under a given competitive scenario. These strategies include market penetration, product development, Market Development as well as diversification. This paper will attempt to first explain and explore Five Forces Model along with three generic strategies as suggested by Porter to successfully outperform other firms in the industry. Finally a comparison will be made between three strategies and the Ansoff’s Matrix to strategic development.
