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Different Ways to Grow your Business
Choose the strategy that makes the most sense for you
If you want to grow your business, The Ansoff Matrix is a good place to start.
Harry Igor Ansoff was born in Russia in 1918 and died in San Diego, California in 2002. He was an applied mathematician (the application of mathematical methods in different fields such as physics, engineering, medicine, biology, finance, business, computer science, and industry) and business manager. In 1957 he created the ‘Product-Market Matrix’ which is known better as ‘The Ansoff Matrix’. Ansoff Matrix helps businesses structure their growth by showing alternatives for new markets (customer types) and types of products and services.
1. Market Penetration Strategy: How to sell more of your existing products or services to your existing customer base.
2. Market Development Strategy: How to move into new markets.
3. Product Development Strategy: How to develop your existing products or services.
4. Diversification Strategies: How to move into new markets with new products or services
Watch the class below
