An Ansoff matrix or product-market expansion grid is a strategic planning tool that can help you gauge the risk-reward ratio of growth strategies that involve new products and new markets. It’s got four quadrants that show four different strategies: market penetration, product development, market development and diversification.
It’s a great tool to help you decide which of these strategies is the best for your business. You can create a separate Ansoff matrix for different business units or product lines.
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