Add Ansoff Product Matrix to strategy offering

As part of a larger strategic planning initiative, an Ansoff matrix is a communication tool which helps you see the possible growth strategies for a company. This can be directly applied to a product, or group of products to identify market strategy.

The four quadrants of the Ansoff Matrix are:

• Market Penetration. The first quadrant in the Ansoff matrix is market penetration. It is often adopted as a strategy when the organisation has an existing product with a known market and needs a growth strategy within that market. 
• Market Development. Market development is the second market growth strategy in the Ansoff matrix. This strategy is used when the firm targets a new market with existing products. 
• Product Development. Product development in the Ansoff matrix refers to firms which have a good market share in an existing market and therefore might need to introduce new products for expansion.
• Diversification. The diversification strategy in the Ansoff matrix applies when the product is completely new and is being introduced into a new market.