describe ansoff matrix

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Ansoff Matrix is a strategic planning tool that helps businesses decide their growth strategy by analyzing market penetration, market development, product development, and diversification.

Ansoff Matrix was developed by Igor Ansoff in 1957.
It consists of four growth strategies: market penetration, market development, product development, and diversification.
Market penetration involves selling more of the existing products to the existing market.
Market development involves entering new markets with existing products.
Product development involves creating new products for existing markets.
Diversification involves entering new markets with new products.
Companies can use the Ansoff Matrix to determine the best growth strategy based on their current situation and objectives.

describe ansoff matrix

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