This is the standard Ansoff matrix diagram, from which there are 4 parts should consider, including market penetration, product extension, market development, and multichannel management. Use existing products to expand in existing markets, that is, market penetration. Think about whether you can enter and consolidate a market with a flagship product. Develop new products for existing markets, that is, product extensions. Think about whether you can develop attractive new products for existing markets.
2. What is Ansoff Matrix
The Ansoff Product-Market Matrix is a tool that helps companies examine and plan their strategic initiatives. The Product Expansion Grid is another name for it. In a paper titled ""Strategies for Diversification,"" H. Igor Ansoff, an applied mathematician and business executive introduced the Ansoff Matrix. It was first published in the Harvard Business Review in 1957. Four growth strategies are depicted in the grid. It also shows the level of risk that each option entails.
3. How to Create an Ansoff Matrix
Creating a matrix diagram in EdrawMax Online is pretty simple. The free matrix diagram maker has several features, like directly importing the data from the .csv file or creating one from scratch using free templates.
Step 1:Login EdrawMax Online
Log in EdrawMax Online using your registered email address. If this is your first time accessing the tool, you can create your personalized account from your personal or professional email address.
Step 2: Choose a template
EdrawMax comes with hundreds of free matrix diagram templates. Select a pre-designed template from the product based on your preference or need by selecting the ""Business"" on the left navigation pane. It will open up several matrix diagram types, like T-chart, main idea diagram, and more. Alternatively, press ""+"" in EdrawMax Online canvas to create a matrix diagram from scratch.
Step 3:Customize the diagram
Customize your matrix diagram by changing the symbols and shapes as required. With the easy drag-and-drop feature of EdrawMax Online, you can use all the relative elements from libraries.
Step 4:Export & Share
Once your matrix diagram is completed, you can share it amongst your colleagues or clients using the easy export and share option. You can export a matrix diagram in multiple formats, like Graphics, JPEG, PDF, or HTML. Also, you can share the designs on different social media platforms, like Facebook, Twitter, LinkedIn, or Line.