Ansof matrix is a widely used strategic planning tool for discovering their business growth strategies. The matrix shows four strategies (quadrants) that can be used to drive business growth and increase sales.
Developed by Igor Ansoff, Ansoff matrix was first published in Harvard Business Review diversification strategy in 1957. Since then, this strategic tool has been taught to business students in universities and used by companies around the world.
The four strategies of ansov matrix are as follows
Market penetration: the focus is to increase the sales of existing products to the existing market.
Product development: focus on introducing new products into the existing market.
Market development: this strategy focuses on using existing products to enter new markets.
Diversification: focus on entering new markets through new product launches.
