What is Ansoff Matrix?
The Ansoff matrix is a strategic planning tool that provides a framework to illustrate how executives, senior managers, and marketers design strategies for future growth. It is named after the Russian-American Igor Ansoff, an applied mathematician and business manager, as well as the creator of this concept.
In the 1950s, based on the development and changes of the 100 largest companies in the United States from 1909 to 1948, Ansoff summed up four basic directions for corporate growth.
The four strategies in the Ansoff matrix are:
Market penetration: Selling more existing business to existing customers
Product development: development of existing products and/or services
Market development: entering new markets
Diversification: entering new markets with new products and/or services
Thus, the Ansoff matrix can help companies identify new intensive growth opportunities and diversify operations. It enables companies to adopt different marketing strategies for different products and market types. It is one of the most widely used marketing analysis tools.
Ansoff Matrix Template
Here is an Ansoff Matrix template created with Visual Paradigm's online strategic analysis tool. You can customize this template by modifying the text, color and font, and use it in your presentations and reports.
