28 Dec The Ansoff Matrix
Ansoff is a product marketing strategy.
There are 4 growth alternatives for growing an organization in existing or new markets with existing and new products
1. Market Penetration
( Existing Market Existing Product )
– increase market share in the existing segment, a low-risk option
2. Product Development
( Existing Market New Product )
– innovation that makes a different product in the same market
– little risk but easy to sell
3. Market Development
( New Market Existing Product )
– a new market for your existing product is a good opportunity, but try to find a similar market along with accessibility to handle with the present team.
– strong PR, promotion and marketing needed to turn other customers to your brand
4. Diversification
( New Market New Product )
– high funds and high risk and high profit associated
– need strong in R & D skills
– need strong in Sales & Marketing
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