Pages: (51-60 )
Abstract
Purpose: This paper seeks to investigate the concepts and applications of the Ansoff matrix/vector by Rite Foods Limited taking some of her products such as Bigi-Cola, Bigi-Apple, Bigi-Lemon & Lime, Tropical, Fearless, Predator among others as the case study, which consists of four marketing strategies: market penetration strategy; market development strategy or expansion strategy; product development strategy or product expansion; diversification strategy.
Design/methodology/approach: This paper adopted a qualitative research design, in which data collection involved the collection of archival data and of which interpretation was based on the researchers' perspectives, evaluations and inferences.
Findings: The findings indicate that the Ansoff Matrix paved the major way to Rite Foods industry in increasing the market share in the ever-growing competitive market, which also involved by exclaiming the various risk factors involved with various uncertainties.
Practical implications: The findings posited by this paper should be of a major interest to business analyst in the manufacturing sector as it emphasized on the application of Ansoff's Growth Vector in Nigeria manufacturing sector through common marketing strategies, such as Ansoff matrix/vector, BCG matrix among other identified and developed vectors by the author.
Originality/value: This paper reflects pure and thorough individual research and profound interpretations, given by the researchers; thus, producing new knowledge.
Keywords: Product development, Manufacturing, Organization, Ansoff matrix, Competitive,