Ansoff Matrix

The Ansoff Matrix is a strategic tool used by businesses to determine growth strategies. It has four quadrants: 1. **Market Penetration** - Increasing sales of existing products in current markets. 2. **Market Development** - Expanding into new markets with existing products. 3. **Product Development** - Creating new products for current markets. 4. **Diversification** - Introducing new products to new markets. This matrix helps companies assess risk and opportunities for growth. By understanding where to focus their efforts, businesses can make informed decisions about their future direction.