Ansoff's Matrix In Project Management

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The definition of a project can be interpreted by different people in various ways. • One such definition of a project is “a temporary endeavour undertaken to create a unique product, service or result.” (Kloppenburg, T. J.(2012), Contemporary Project Management, 3rd Edition, Stamford, CT, USA.) This can be elaborated to say that a project requires an organised set of planned work efforts but is also subject to limitations regarding time, resources, and people. There should be a defined beginning and ending where the project has followed a planned and organized approach. • A project can also be defined as “a unique endeavour to produce a set of deliverables within clearly specified time, cost and quality constraints.”…show more content…
time scale, resources) in my opinion, the best definition is the second one, from ‘Project Management Guidebook’. I feel that unlike the other definitions, it is easy to understand and concise. It uses simple language and then goes on to explain the key areas of a project. From a beginners perspective this definition would be the most helpful. B. When it comes to making choices there are so many options available. Gaining a competitive advantage over your rivals is fundamental to the success of a business and its projects. Two strategies that a business may consider are 1) Ansoff’s Matrix and 2) Porter’s Generic Strategies. A business would use Ansoff’s Matrix to determine its product and market growth, both present and potential, by focusing on whether the product and market are new or existing. It has four alternatives of marketing strategies; Market Penetration, product development, market development and diversification. (See appendix 1) • Market Penetration- the firm seeks to achieve growth with existing products in their current market segments, aiming to increase its market share; least risky. • Product Development- the firm seeks growth by targeting its existing products to new market segments; more…show more content…
A company must be sure it has chosen the best project otherwise they will have wasted valuable time and money implementing it only for it to fail. One of the biggest decisions any company has to make is which project should be undertaken. Once a proposal has been received there are many factors that a company has to consider before deciding to take it up i.e. there will be other projects available. The option they believe will be the most successful needs to be chosen bearing in mind the companies goals and
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