ansoff's matrix Flashcards
1
Q
what is ansoff’s matrix?
A
it’s a strategic tool used to help a business that wishes to grow. - it looks at markets in terms of existing and new products and existing and new markets to identify opportunities.
2
Q
what is market penetration?
A
existing product in an existing market - thought to be the least risky option as there is no uncharted territory.
3
Q
what is market development?
A
new product in an existing market.
4
Q
what is product development?
A
new market with an existing product
5
Q
what is diversification?
A
a new product in a new market and is considered to be the most risk option.
