ANSOFF Matrix (A Marketing Strategy)

Marketing strategy is a process that helps an organization to get the best outcome from limited resource. Proper marketing strategy increases the company’s profitability and helps to sustain its position in the market. There are a lot of marketing matrix to develop companies. ANSOFF Matrix is one of them.

ANSOFF MATRIX is the most popular matrix for those companies which are attempting to expand. There is a portrait for ANSOFF MATRIX given below:

    Existing Products                   New Products

 

Market Penetration

 

 

 

Product Development

 

 

 

Market Development

 

 

Diversification

 

 

       Existing Market

 

 

 

            New Market
                             ANSOFF MATRIX


Market pentation means to sell the existing product more and more through the advertising and sales promotion. For doing better market penetration, organization can use the following methods:

1)     Influencing existing customer to use more

2)     Giving discount to sell more.

3)     More advertisement to show the benefit of the products

4)     Attracting customers from competitors

Market development means expanding the existing product into new market. For example, if the Canada Dry never sell in Asia, they will enter in Asian market for Market development. Company will be more fruitful if they find new users.

Product development means modifying the products. This modify will be according to the existing customer demand. Organizations need to conduct survey regarding their product.

Diversification is the last step of a product. If any company could not be successful in any of the above stage, they may diversify their products. For example, if Motorola Company saw that they are not successful at mobile in any country, they may sell their broadband in that country.

Success of a company mostly depends on its marketing strategy. ANSOF MATRIX can be used to analyze the product or marketing extension grid. 



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