Ansoff Matrix

The Ansoff Matrix is useful in crafting product strategy. It can offer insights into how to take your product strategy, product marketing, and product management to the next level of performance. 

Let's take the case of existing products first. Let's assume a market exists for your existing products. You need market penetration to exploit the existing market(s) further. You also need to develop new markets. Some market penetration and market development strategies are outlined below:

New product strategy,  as opposed to existing product strategy, is generally more challenging. Strategies can range from product line stretching to comprehensive STP strategies to complex biz-dev / M&A (mergers and acquisitions) activities. Some possible strategic action items you can consider for marketing your new products are outlined below: