Apply the core competence–market matrix to derive different diversification strategies. ¦ When…

Apply the core competence–market matrix to derive different diversification strategies.

■ When applying an existing/new dimension to core competencies and markets, four quadrants emerge, as depicted in Exhibit 8.9.

■ The lower-left quadrant combines existing core competencies with existing markets. Here, managers need to come up with ideas of how to leverage existing core competencies to improve their current market position.

■ The lower-right quadrant combines existing core competencies with new market opportunities.

Here, managers need to think about how to redeploy and recombine existing core competencies to compete in future markets.

■ The upper-left quadrant combines new core competencies with existing market opportunities. Here, managers must come up with strategic initiatives of how to build new core competencies to protect and extend the firm’s current market position.

■ The upper-right quadrant combines new core competencies with new market opportunities. This is likely the most challenging diversification strategy because it requires building new core competencies to create and compete in future markets.

 

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