Quora is well-known America based question and answer website. It provides a platform to people to asked questions and answered them. It allows editing by the Internet users on the opinion basis or proved it with facts. The mission of Quora is to grow and share the knowledge across the globe. A great amount of knowledge is available to people. The website also provides locked or selected group options for sharing knowledge (Quora, 2020).
The Ansoff matrix is used by almost all companies, as it provides the various combination of growth strategies. The matrix considers the products and markets of the company and then provide the best combination of growth. Quora should also look towards growth and could use Ansoff matrix to avail the opportunities.
Here is the detailed Ansoff matrix analysis of Quora.
Market Penetration
Market penetration is the growth strategy suggested by Ansoff matrix. It deals with the current products of the company in the current markets. In addition to this, the company here aims for increasing the market share. There could be many ways for achieving that. The company can decrease the prices for attracting the new or existing customers. The company can also increase the distribution and promotion efforts. Moreover, it can also acquire the competitors. Quora is one of the most famous websites for questions and answers. The company deals with providing information and knowledge to millions of users. Quora should penetrate in the internet market deeply. It should provide the subscription offers to customers for unlocking the valued knowledge and secret groups on the forum. The company should allow subscribes users’ different options like editing their answers or posting about their business for marketing. (Mustapic, 2019).
Product Development
The second strategy s Product development. The matrix considers it as a growing company strategy. The product development strategy deals with new product or service introduced for the existing customers. This clearly indicates the company should invest more in R&D and expand its product or service portfolio. This will be easy for the companies who have strong understanding of their market and have innovative solutions. Quora deals in online website or forum deals with providing knowledge and information to users. The company should grow and introduce its new service. Quora can provide digital marketing services to its users. The company can use its huge platform to promote businesses and earn from there. Quora should invest in R&D and introduce its service. Quora can also acquire any digital marketing competitor and increase the client base (CFI, 2020).
Market Development
In the market development strategy, the companies enter in the new market and introduce their existing products or services there. The companies prefer to expand in new markets whether it can be geographical, customer segmented, regional segmented, demographical expansion etc. However, market development strategy is more successful when the companies own any technological proprietary which can leverage them in new markets. Quora provides an online platform to millions of its users to access their desired knowledge through Questions and answers. Quora can expand itself in new markets. It is an online platform; it can provide its services as a physical store too. It can provide the books in its physical stores like Liberty store. It can also install computers there, so that consumers can search for the topic and can get book of that topic from there (CFI, 2020).
Diversification
Diversification deals with the introduction of the company in completely new market with the new products. It basically involves the operations of the company in completely different areas where it was not operating or dealt before. There could be related diversification, as somehow company diversify in same industry with different products. Or the complete unrelated diversification where it deals in different markets and industry. Quora is an online forum of questions and answers and sharing of information. The company can diversify itself in online retailing stores. As getting the online consumer base will be easier for the company. it can market itself on its forum where there are millions of users. Quora should be one like Amazon and can avail it as expansion strategy (Mustapic, 2020).
References
CFI, 2020. Ansoff matrix, the product/expansion grid. [Online], Available at: https://corporatefinanceinstitute.com/resources/knowledge/strategy/ansoff-matrix/, [Accessed on: 20th January, 2020].
Mustapic, B. 2019. Quora Marketing: How to Drive Traffic, Leads, and Sales with Quora. [Online], Available at: https://www.business2community.com/content-marketing/quora-marketing-how-to-drive-traffic-leads-and-sales-with-quora-02172617, [Accessed on: 20th January, 2020].
Quora, 2020. About us. [Online], Available at: https://www.quora.com/about, [Accessed on: 20th January, 2020].