Ansoff Matrix

[ansoff ˈmeɪtrɪks]

The Ansoff matrix is a strategic planning tool which provides a framework to help marketers, executives and senior managers for future growth; this strategic planning tool was named after an applied mathematician and business manager named Ignor Ansoff. 

Organizations use the Ansoff Matrix to plan and analyze their strategies for growth; this matrix demonstrates four strategies which can be used to help an organization to grow and also analyzes the risks associated with each strategy. The four strategies are the following:

  • Market Penetration: This strategy focuses on increasing sales of existing products to an existing market.
  • Product Development: This strategy places its focus on introducing new products to an existing market
  • Market Development: This strategy places its focus on entering a new market using existing products
  • Diversification: This places focus on entering a new market with the introduction of new products.
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Use in a sentence:
Using the Ansoff Matrix will bring growth into the organization.
Ansoff Matrix