Ansoft Matrix

Marketing is an important aspect in any business. A good marketing strategy will yield more consumers. There are different forms of marketing a product or service in the public; there is marketing through advertisement in television, movies and print ads. According to the American Marketing Association, marketing is the process wherein the people involved with the products and services plans and executes the concepts, prices, promotion, and distribution of the products and services in order to develop exchanges that will satisfy both the consumers and the organisation (, 2006). This paper discusses the contributions of the Ansoff Matrix in strategic marketing management.

There are different types of strategies used by business in identifying their market. There is the SWOT Analysis, in which it identifies the strengths, Weaknesses, Opportunities and Threats of the target market. Another is the BCG Product Portfolio Matrix which is used by businesses with multiple portfolios or product lines in examining the products through relative market shares and rates of growth. STP, which stands for segmenting, targeting and positioning, is a strategy wherein it helps an organisation targets it goods to the consumers, prioritizing the target and developing a marketing mix. And lastly is the Ansoff Matrix, which is according to (1999) is a method of arranging the four fundamental product strategies of marketing which are the market penetration, market extension, product development and diversification.

According to , the Ansoff Product-Market Growth Matrix is an instrument in marketing that was developed by Igor Ansoff. In the Ansoff matrix, it allows the marketers to look at different ways to grow the business through existing products and markets and new products and markets. Moreover, the matrix is composed of four various strategies:

Market Penetration- market penetration is composed of existing products and markets, it occurs