Ansoff’s Matrix

Ansoff’s Matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future growth. It was created by Igor Ansoff and is also known as the Product/Market Expansion Grid.

• Market Penetration
  • Increase sales and existing product to existing market.
  • Better advertising, lower prices, more retail outlets, etc.
• Market Development
  • Introduce existing product to new markets
  • New demographic or geographic market
• Product Development
  • Sell a new product to existing markets; leverage current brand name/position
  • Add new features, innovate technology
• Diversification
  • Develop new products and sell them in new markets

source: HBA1 Marketing Course