The Ansoff Growth matrix is another marketing planning tool that helps a business determine its product and market growth strategy.,
The Ansoff Matrix suggests that a business attempts to grow based on whether it markets new or exisiting products in existing markets. The Matrix gives suggestions of growth stratagies which set the businesses direction.
The business focusues on selling exisiting products into exisiting markets.
Market Penetration seeks to advance 4 objectives:
- Maintain or increase market share of current products- pricing stratagies, promotion.
- Secure dominance of growth in markets.
- Restructure markets by driving out competitors - More agressive promo campaign.
- Increase usage by exisiting customers.
Market Penetration focuses on markets and products it knows well and is likely to have information…