The Ansoff Matrix: also called the "growth matrix". It was invented by Igor Ansoff in 1957 and it is a tool that helps reveal the growth opportunities of companies at the macro level. This matrix consists of two basic dimensions: the first is related to the product, and includes the current product and the new product, and the second dimension concerns the market, and includes the current market The new market, and the intersection of these two dimensions, leads to four strategic options for growth:
Market Penetration: This option is concerned with using the current products in the current market to obtain a larger market share, usually by adopting one of the classic strategies such as cost reduction or differentiation.
Product Development: This option involves introducing new developed products to the current markets in order to at least maintain the current market share, especially in industries with rapid technological development.
Market Development: This option includes entering existing products into new markets, and usually the goal of this option is geographic diversification, and this option is particularly suitable for companies that pursue a resource approach.
Diversification: This option includes introducing new products to new markets and new customers, which corresponds to the "discontinuation" approach. Companies follow this strategy when heading towards growth, especially if the current industry is in decline and is not attractive, and one of the means of undertaking diversification is the conclusion of strategic partnerships. With companies active in target markets.
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