Sample Essay
Ansoff Matrix was introduced by Igor Ansoff to categorize a business’s growth strategy by taking a combination of options involving existing and new products and markets.
Market Penetration- This is basically the least risky option for growth since the business is sticking to the products and the markets that it knows. Basically the business is seeking to increase its market share. This strategy cannot be applied indefinitely and eventually continued growth will require other strategies.
Market Development- This means that the business is selling the same product but looking at new market segments to which to sell. This strategy will work best if the core competency of the business is products and not customer segments.
Product Development- Product Development is when a company sticks to the same market but explores new products. Unlike the Market Development strategy will work if the businesses core competency is its customer’s and not its product.
Diversification-This is the riskiest of all strategies since a business is making new products to sell to new customers. It’s a completely unfamiliar area
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