Choosing when and how to expand can be challenging for any company.
Should they focus on existing markets? Or try to pursue new ones?
The Ansoff Matrix provides a useful framework for making these kinds of decisions by outlining four potential strategies: market penetration, product development, market development, and diversification.
These strategies are based on whether companies are looking to focus on existing or new markets with existing or new products.
Take this course to learn how these strategies can help explain a company’s past growth and provide a roadmap for its future.