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A new product development strategy normally carries a higher risk than market penetration.

This strategy seeks to capitalize on the relationship with existing customers by extending the range of products sold to these customers. Product Development is a strategy where the organization seeks growth by offering new products in existing markets. The risk associated with entry into new markets is higher than a market penetration strategy. It may involve using new distribution channels or different pricing or packaging strategies to attract new customers. New markets may relate to new market segments or new geographic areas. Market Development is a strategy where the company seeks to increase growth by marketing and selling existing products in new markets. This can be achieved by aggressive competitive pricing strategies, promotion and advertising, loyalty clubs/bonuses to encourage repeat purchasing and increased selling resources. The Ansoff matrix provides four different strategy options: Market Penetration is the strategy where the company seeks to achieve growth by increasing the market share of existing products in existing markets. The output from the Ansoff Product /Market matrix is a series of suggested alternative product and market strategies. It allows the company to identify four different growth strategies. Ansoff Matrix focuses on the organization s present and potential products and markets. The Ansoff Matrix is a tool that helps businesses decide their product and marketing strategy. It uses MS-Word 2003 or a later version of Word. The Ansoff Matrix template can be used in any Word document and edited within Word. It uses MS-Excel 2003 or a later version of Excel. The Ansoff Matrix Excel template can be used to graphically represent the results of the analysis and uses only standard Excel features. Copyright The Business Tools Store 2010Ģ P a g e 1 ANSOFF MATRIX TEMPLATE MS-Excel and MS-Word Templates User Guide 1 INTRODUCTION The Ansoff Matrix is used as an analysis tool to look at growth strategies by analysing markets and products. The Ansoff Matrix Word template can be used in any Word document and edited within Word. 1 ANSOFF MATRIX TEMPLATE MS-Excel and MS-Word Templates User Guide The Ansoff Matrix is used as an analysis tool to look at growth strategies by analysing markets and products.