Igor Ansoff
Okay kiddo, today we're going to talk about a man named Igor Ansoff. He was a smart guy who thought about how businesses can grow and make more money.
He came up with a way to help businesses plan for the future by looking at four different ways they can grow. First, they can sell more of the things they already make to people who already like them. This is called "market penetration". It's like when you have a favorite candy and you ask for more of it all the time.
Second, businesses can try to sell new things to the same people who already like them. This is called "product development". It's like when your favorite toy company comes up with a new toy that you really want.
Third, businesses can try to sell the same things to new people who might like them. This is called "market development". It's like when your friends start to like your favorite TV show and they all want to watch it with you.
Fourth, businesses can try to create totally new things for new people. This is called "diversification". It's like when a company that makes cars starts to make airplanes too.
Igor Ansoff helped businesses understand these four different ways to grow and he taught them how to plan for the future based on them. And that's it, kiddo, Igor Ansoff was a man who taught people how to grow and make more money.
He came up with a way to help businesses plan for the future by looking at four different ways they can grow. First, they can sell more of the things they already make to people who already like them. This is called "market penetration". It's like when you have a favorite candy and you ask for more of it all the time.
Second, businesses can try to sell new things to the same people who already like them. This is called "product development". It's like when your favorite toy company comes up with a new toy that you really want.
Third, businesses can try to sell the same things to new people who might like them. This is called "market development". It's like when your friends start to like your favorite TV show and they all want to watch it with you.
Fourth, businesses can try to create totally new things for new people. This is called "diversification". It's like when a company that makes cars starts to make airplanes too.
Igor Ansoff helped businesses understand these four different ways to grow and he taught them how to plan for the future based on them. And that's it, kiddo, Igor Ansoff was a man who taught people how to grow and make more money.