A strategic planning tool used to help a business identify opportunities to grow its revenue.
Four growth strategies in Ansoff's matrix
Market Penetration (expand sales of existing products in existing market)
Market Development (put existing product in new market)
Product Development (introduce new product to existing market)
Diversification (enter new market with new product/service)
Horizontal Growth
Business increases geographical reach by selling existing products/services to new customers in new locations) e.g. author translate book into other languages.
Vertical Growth
Business focuses on existing customers (expand business products or services for existing market) e.g. Breakfast restaurant extending hours to offer lunch to existing customers in present location.
