Adopting the Correct Strategy
Ansoff developed this matrix that helps marketers think about the correct strategy. The model considers whether the organisation is promoting an existing product or a new one, and if they are addressing a market where they already are present or not.
The matrix dictates that you will follow one of four strategies, depending on where you are in the matrix. These strategies are:
MARKET PENETRATION MARKET DEVELOPMENT PRODUCT DEVELOPMENT DIVERSIFICATION
The tool is a great way to discuss why you might need different approaches for different products, based on the situation.
