Ansoff matrix,

Definition of Ansoff matrix:

1. Strategic marketing planning tool that links a firms marketing strategy with its general strategic direction and presents four alternative growth strategies as a table (matrix). These strategies are seeking growth: (1) Market ■■■■■■■■■■■: by pushing existing products in their current market segments. (2) Market development: by developing new markets for the existing products. (3) Product development: by developing new products for the existing markets. (4) Diversification: by developing new products for new markets. Named after its inventor, the father of strategic management, Igor Ansoff (1941- ), and first published in 1957 in Harvard business review.