From the course: Global Marketing: Expand the Reach of Your Product and Service Offerings
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Strategies to select a global growth plan
From the course: Global Marketing: Expand the Reach of Your Product and Service Offerings
Strategies to select a global growth plan
- [Instructor] The Product Market Matrix, also known as the Ansoff Matrix, is a strategic tool used to determine and analyze potential growth strategies. It consists of four strategies based on whether products and markets are new or existing. To orient you on this slide, when you're growing your existing products in existing markets, that is considered market penetration. The others you see are market development, product development, and diversification. Applying this matrix to global marketing can help you decide how to expand your products and services internationally. We will focus on the right side of this matrix because that's all about entering new markets. Here's how the strategies of market development and diversification can be applied in a global context. Entering new markets with existing products is when you identify and enter new international markets where your products are not yet available. This could involve entering emerging markets or regions with similar consumer…
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