Product/Market Expansion Grid

The Product/Market Expansion Grid, also known as the Ansoff Matrix, is a strategic tool used by businesses to identify growth opportunities. It has four main strategies: 1. **Market Penetration**: Selling more of existing products to current customers. 2. **Product Development**: Creating new products for existing markets. 3. **Market Development**: Introducing existing products into new markets. 4. **Diversification**: Launching new products in new markets. This framework helps companies decide how to grow by exploring various combinations of products and markets while assessing risks and potential rewards.