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Choosing markets and products
Students evaluate market penetration, market development, new product development and diversification.
0
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaA LevelBusinessChoosing strategic direction
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Syllabus checklist
What you need to know
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Ansoff matrix and strategic direction2 objectives
- Analyse factors influencing which markets to compete in and which products to offer.
- Evaluate market penetration, market development, new product development and diversification as strategic direction options.
Key terms
Ansoff matrix and strategic directionanalysefactorsinfluencingwhichquantitative analysismarket penetrationmarket developmentproduct development
Exam tips
- Ansoff matrix and strategic direction exam tip 1: Write the method before the answer so the examiner can follow each step. Apply this to analyse factors influencing which markets to compete in and which products to offer..
- Ansoff matrix and strategic direction exam tip 2: State the exact concept or formula you are using before substituting values. Apply this to analyse factors influencing which markets to compete in and which products to offer..
Common mistakes
- Ansoff matrix and strategic direction common mistake 1: Show the method first, then give the final answer in the required form. Apply this directly to Ansoff matrix and strategic direction.
- Ansoff matrix and strategic direction common mistake 2: Name the relevant value or feature from the question and explain how it is used. Apply this directly to Ansoff matrix and strategic direction.
Practice preview
- Explain how you would analyse factors influencing which markets to compete in and which products to offer. in the context of Choosing markets and products.
- Describe one business decision or mechanism that helps you analyse factors influencing which markets to compete in and which products to offer..
- Explain how you would evaluate market penetration, market development, new product development and diversification as strategic direction options. in the context of Choosing markets and products.
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