The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Market penetration, market development, product development as well as diversification are the ones that represent the four components of the product/market expansion grid.
A market product grid is also defined as an Ansoff Matrix or a product-market type expansion grid which is a tool used in business firms for the development of growth strategy. A market product grid is established for considered existing markets to be new and existing products encountered with risks to be assessed in each possible relationship.
The Product Market Expansion Grid consists of four main strategies like Product Development, Diversification, Market Penetration, and Market Development.
A Market Expansion strategy is a kind of strategic approach for purpose of growth of companies when they are expanded as far as possible in existing channels. The primary focus of the strategy is to ensure that all the current markets are fulfilled and are satisfied with the products including the services that are presented for market expansion strategy purposes.
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