The Ansoff Matrix is a product and market expansion grid that provides strategies to support company growth while measuring risks. It's a helpful tool for companies to use when expanding into new markets because it helps them assess the risks and opportunities involved. The Ansoff Matrix can help you choose your company's market expansion strategy.
Download our Go-to-Market Strategy Checklist to make sure list of angola consumer email you don't miss a step as you bring your product to market.
The Ansoff Matrix has four quadrants: market penetration, product development, market development, and diversification.
Market Penetration: This is when you sell more of your current product to your current market. The thinking is that there are still potential customers in your current market who still need to buy your product.
Product Development: You modify your current product and sell it to your current market. The thinking is that there are potential customers in your current market who would buy a new or improved version of your product.
Market Development: This is when you identify new markets for your current product. The thinking is that there are untapped markets with potential customers who need your product.
Diversification: This is when you develop new products and enter new markets. This is usually the riskiest option because you're starting from scratch in a new market.
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