Business Development Strategy: Ansoff Matrix for GEO IT Solutions

This report analyzes the application of the Ansoff Matrix for GEO IT Solutions, a company specializing in IT solutions. It explores various strategies, including market penetration, product development, and market development, to enhance the company's business development. The report highlights the importance of the Ansoff Matrix as a tool for strategic planning, particularly in the context of increasing sales and profitability. It also references relevant sources to support the analysis and provides a comprehensive overview of how the Ansoff Matrix can be used to assess and implement effective business strategies for the company. The report focuses on how GEO IT Solutions can use the Ansoff Matrix to make informed decisions regarding their business strategies and to attract and retain customers. The report emphasizes the significance of understanding the business environment and the need for strategic planning to achieve business objectives.

STRATEGY
RECOMMMENDTAI
ONS REPORT

Table of Contents
MAIN BODY........................................................................................................................................3
REFERENCES......................................................................................................................................4
Books & Journal:...............................................................................................................................4

MAIN BODY
Strategies and tactics are crucial for every business to survive in market properly.
There are various tools which are used by firm to implement strategies in appropriate manner.
GEO, which is IT solution Company headquartered in Australia. Thus, to increase their profit
and sales they can adopt Ansoff matrix which can be used by management to enhance
business productivity (Schawel, 2018).
Ansoff matrix
It is tool which depicts and helps business to develop and as well as implement
strategies which is use by entities in their business.
Product development- In this, enterprise develop new product into existing market. In
relation with GEO, through this strategy they can attract market and customer but their cost
of productivity will increase (Loredana, 2016).
Diversification- This specifies that new product and new market are being focused by
firm. But as GEO needs to enhance their sales they should not adopt this strategy. Because
risk associated with this one is high.
Market development- In this, new market is focused with existing product. So, in
context to GEO, they can use this as to increase their product sales by marketing and
advertising the product at global level.
Market penetration- Then comes the penetration in which existing market is focused
with existing product. Thus, chosen firm can also use this strategy in effective manner such
as by focusing on old customers and attracting more new through using schemes of offers.
This will increase their brand image in market too.

REFERENCES
Books & Journal:
Schawel, 2018. Ansoff-Matrix. In Top 100 Management Tools (pp. 31-33). Springer Gabler, Wiesbaden.
Loredana, 2016. The Use Of Ansoff Matrix In The Field Of Business. In MATEC Web of Conferences (Vol. 44,
p. 01006).
Gurcaylilar-Yenidogan, 2018. Applying Ansoff’S Growth Strategy Matrix To Innovation
Classification. International Journal of Innovation Management, 22(04), p.1850039.