Question

1. Which of the following people published an article in the Harvard Business Review about the potential sources of sales growth?

   • Steve Jobs
   • Igor Ansoff
   • Michael Porter
   • Warren Buffett

2. What was the type of matrix discussed in the lecture?

   • BCG matrix
   • attribute-by-segment matrix
   • Ansoff’s matrix
   • chart matrix

3. When a business is selling its current customers more of its current offerings, this is known as ______________.

   • market development
   • sales penetration
   • market situation
   • market penetration

4. A situation where you have a business that develops new products to sell to its current customer base is known as ___________.

   • product development
   • market development
   • market penetration
   • diversification

5. Within Ansoff’s matrix, the intersection of the customer types and the offerings creates four boxes that categorize opportunities for ____________.

   • product situations
   • marketing growth
   • sales growth
   • product growth

6. In the lower left-hand corner of the Ansoff’s matrix is a situation where businesses sell existing products to a new group of customers. This is known as ______________.

   • product development
   • market development
   • market penetration
   • diversification

7. In the lower right-hand corner of the Ansoff’s matrix is a situation where the business sells new product lines to new groups of customers. This is known as _____________.

   • product development
   • market development
   • market penetration
   • diversification

Answer 1

1. Which of the following people published an article in the Harvard Business Review about the potential sources of sales growth?

Igor Ansoff: this he did by giving the Ansoff Matrix which focuses on expanding your sales of existing products in existing markets.

2. What was the type of matrix discussed in the lecture?

Ansoff’s matrix

3. When a business is selling its current customers more of its current offerings, this is known as ______________.

market penetration: in the Ansoff matrix it refers to increasing the sales of existing products in the existing markets

4. A situation where you have a business that develops new products to sell to its current customer base is known as ___________.

product development: in the Ansoff matrix it refers to selling of new products to existing customers

5. Within Ansoff’s matrix, the intersection of the customer types and the offerings creates four boxes that categorize opportunities for ____________.

sales growth: Ansoff matrix gives the methods that can be used to increase sales and hence revenue

6. In the lower left-hand corner of the Ansoff’s matrix is a situation where businesses sell existing products to a new group of customers. This is known as ______________.

market development: increasing the number of customers and hence sales with existing customers refers to market development

7. In the lower right-hand corner of the Ansoff’s matrix is a situation where the business sells new product lines to new groups of customers. This is known as _____________.

Diversification: this refers to the creation of new products and new markets/customers.