What is the Ansoff Matrix?

[bitheerani319]

The Ansoff Matrix, also known as the product-market matrix, is one of the main tools for business strategy and strategic marketing. It was created by the strategist Igor Ansoff in 1957. This matrix is ​​the perfect tool for determining the strategic direction of growth of a company, therefore it is only useful for those companies that have set growth objectives.
The Ansoff Matrix relates products to markets, classifying the product-market bangladesh phone number list based on the criterion of novelty or timeliness. As a result, we obtain 4 quadrants with information on which is the best option to follow: market penetration strategy, new product development strategy, new market development strategy or diversification strategy.
Within the product axis we have:

New products.
Current products.
And on the market axis is:

New markets.
Current markets.
The result of crossing the product-market pair according to its novelty or relevance is what gives rise to the growth strategies that the organization can follow:

Current products and markets: Market penetration.
New products and markets: Diversification.
Current products and new markets: Development of new markets.
New products and current markets: New product development.
A graphical explanation of the above looks like this:


Ansoff's 4 growth strategies
Market penetration
What can we do to increase consumption in the market in which we are located with the product or service we offer? That is the question that originates this strategy.