MKT 100 Lecture Notes - Lecture 2: Igor Ansoff, Marketing Mix, Target Market

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Polina Buchan

Document Summary

Created by igor ansoff: russian-american mathematician. Used products and markets to describe and categorize business strategies. Matrix has two axis: one for product and one for markets. Rogers offering a deal on bigger data plans for wireless customers (once a customer gets used to having a bigger data plan it will get used to paying more for it once it expires) Rogers is using an element of its marketing mix (price) to encourage its customers to change patterns, likewise if the rogers deal is viewed as significantly better than the bell plan than maybe. Example of this is when sarah lee agrees to sell her cheesecake with presidents choice. She is using her excess product in a new channel to increase revenue to attract more customers (in the market that presidents choice attracts) Fourth quadrant: new products and new markets (called diversification: risky because it involves two unknowns. Ex. bank getting involved in the insurance business: rarely used strategy.