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Mainly, the Product and the Market
The Ansoff Matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future growth. It is named after Russian American Igor Ansoff, who came up with the concept.
Growth strategies
Ansoff, in his1957 paper, provided a definition for product-market strategy as "a joint statement of a product line and the corresponding set of missions which the products are designed to fulfill". He describes four growth alternatives:
Market penetration
In market penetration strategy, the organization tries to grow using its existing offerings (products and services) in existing markets. In other words, it tries to increase its market share in current market scenario.
Market development
In market development strategy, a firm tries to expand into new markets (geographies, countries etc.) using its existing offerings.
Product development
In product development strategy, a company tries to create new products and services targeted at its existing markets to achieve growth
Diversification
In diversification an organization tries to grow their introducing new offerings in new markets. It is the most risky strategy because both product and market development is required.
