Reflection on Mondays class 22/04/13

During Monday’s lesson we applied our second assessment ideas to different marketing strategies and business plans. One of these was the 9 elements of a business model. I applied my women's film magazine idea to this model which helped me to assess which areas are in need of more detail or improvement. We also looked at the Three Intensive Growth Strategies: Ansoff’s Product/Market Expansion Grid and tried to fit our business ideas into one area of the grid.  Initially I wasn’t sure which box to put my idea in because, as a magazine, it is an existing product, and it is also catering to an established audience, women. But as the first film magazine targeted towards women it makes it a new product in an existing female/filmic market. And so mine fits nicely into the third box of Product Development. This is because it is a product being produced for an existing market, but for is an entirely new idea.

Ansoff’s Product/Market Expansion Grid:

	Existing Products	New products
Existing Markets	1.       Market Penetration	3.       Product Development
New Markets	2.       Market Development	4.    Diversification