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Develop a Market Matrix
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Ansoff's Matrix is a well-known marketing tool. It is used by marketers who have objectives for growth. It offers strategic choices to achieve growth objectives. There are four main categories for selection.
The different quadrants may be described as follows:
Market Penetration: Here we market our existing products to our existing customers. This means increasing our revenue by, for example, promoting the product, repositioning the brand, and so on. However, the product is not altered, and we do not seek any new customers.
Market Development: Here we market our existing product range in a new market. This means that the product remains the same, but it is marketed to a new audience. Exporting the product, or marketing it in a new region are examples of market development.
Product Development: This is a new product to be marketed to our existing customers. Here we develop and innovate new product offerings to replace existing ones. Such products are then marketed to our existing customers.
Diversification: This is where we market completely new products to new customers. There are two types of diversification, namely related and unrelated diversification. Related diversification means that we remain in a market or industry with which we are familiar. Unrelated diversification is where we have no previous industry or market experience.
Ansoff's matrix is one of the most well-known frameworks for deciding upon strategies for growth.
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