The Ansoff Matrix, also known as the Product/Market Expansion Grid, is a tool used by businesses to analyse and plan their growth strategies. The matrix depicts four strategies that can be used to assist a company's growth and analyses the risks associated with each strategy. The four Ansoff Matrix strategies are as follows: * Market Penetration is concerned with increasing sales of existing products in an existing market. * Product Development is concerned with the introduction of new products into an existing market. * Market Development: The goal of this strategy is to enter a new market with existing products. * Diversification is the process of entering a new market by introducing new products.

Sreerag KJ

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