Ansoff Matrix, also called the Product/Market Expansion Grid, is a tool used by firms to analyze and plan their strategies for growth. The matrix shows four strategies that can be used to help a firm grow.
The four strategies of the Ansoff Matrix are:
Market Penetration: This focuses on increasing sales of existing products to an existing market
Product Development: Focuses on introducing new products to an existing market
Market Development: This strategy focuses on entering a new market using existing products
Diversification: Focuses on entering a new market with the introduction of new products
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