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Define Ansoff Matrix

The Ansoff growth matrix was invented by H. Igor Ansoff. According to him ansoff growth matrix is one of the tools that assist the business organization to promote their product and market growth strategy. This matrix is also referred as the product/market growth matrix or product / market grid where the growth of the organization is directly dependent on the new or existing product within the new or existing market. The output derived from the ansoff matrix is giving the suggestive growth strategies that provide the desired set of the directions for the business strategies.

They possess four different quadrants as market penetration, market development, new product development and diversification.

The market penetration is observed between the existing product and market. Thus here the business focuses on selling the existing product into the existing market. Market penetration increases the sales to the existing market and penetrates the existing market more deeply.

 

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In market development the growth strategy is developed in a business where they sell the existing product into new market. And the ways towards this strategy are as approaching the new geographical market, new product dimensions or packaging, new distribution channel or even different pricing policies that attract different customers in new market segment.

New product development is the next growth strategy where the new product in the market is launched into the existing market. Thus within this market the new competencies are developed and hence business is required to be developed with modified products that can eventually appeal the existing market.

Diversification is the last strategy where the business markets its new products into new market. This is comparatively risky strategy as the business is newly entering into the new market without any kind of experience. Their main points are being considered to test this strategy where the researcher observes the attractiveness, cost of entry and the better off of the business is expected.