What is The Ansoff Matrix?
The Ansoff Matrix is a strategic planning tool used by businesses to analyse and plan their growth strategies.
The direction for growth is based on whether the business is targeting existing or new markets and whether they are focusing on existing or new products. Depending on which they choose to focus on will put their growth strategy into one of four categories on the Ansoff matrix. These categories are; Market penetration, product development, market development and diversification.
Watch this video if you want to understand how The Ansoff Matrix works.
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