These aspects are market penetration, market development, product development and diversification. There are four facets that need to be strategized for growth, business expansion or increased revenues and profit. The Ansoff Matrix can be split into quadrants. It considers four facets of a business and tries to fuel growth or expansion, both of which are correlated.
The Ansoff Matrix is also known as Product/Market Expansion Grid. First proposed by Igor Ansoff and a case made in Harvard Business Review in 1957 as a method for small business owners and marketers, the approach was geared towards helping companies achieve growth and expansion. The Ansoff Matrix has been used by businesses for more than fifty years now.
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