Ansoff is a product marketing strategy.
There are 4 growth alternatives for growing an organization in existing or new markets with existing and new products
1. Market Penetration
( Existing Market Existing Product )
- increase market share in the existing segment, a low-risk option
2. Product Development
( Existing Market New Product )
- innovation that makes a different product in the same market
- little risk but easy to sell
3. Market Development
( New Market Existing Product )
- a new market for your existing product is a good opportunity, but try to find a similar market along with accessibility to handle with the present team.
- strong PR, promotion and marketing needed to turn other customers to your brand
4. Diversification
( New Market New Product )
- high funds and high risk and high profit associated
- need strong in R & D skills
- need strong in Sales & Marketing
