what is the Ansoff’s matrix
a strategic tool that business can use to help them choose the market they wish to operate in and the products they will sell within the market
what is market penetration
selling more of an existing product to an existing market
what is market development
selling existing products to new markets
what is product development
selling new products in existing markets
what is diversification
selling new products in new markets
what is the level of risk of market penetration
low
what is the difficulty of market penetration
its difficult in a saturated market
what is the level of risk with product development
medium
what is a difficulty of market penetration
it still requires market research
what is the level of risk with market development
medium
what is a difficulty of market development
untopped markets
what is the level of risk of diversity
high
what is a difficulty of diversification
high costs
