What is an Ansoff Matrix??
An Ansoff Matrix is a basic tool for helping a business to figure out what their strategy should be for seeking market growth. It helps the business to determine where and how it can increase the size of its market.
To use an Ansoff Matrix, the business must determine two things. First, it must decide whether it will market a new product or an existing product. Second, it must decide whether it will try to reach new markets or existing markets. These choices are arranged so as to create a 2x2 matrix. The matrix tells what sort of strategy to use to increase the size of the market in each of the four possible combinations of product and market.