There are several different ways of analysing the various marketing strategies. The Ansoff matrix examines strategies in terms of the products offered and the markets a business competes . In the Ansoff matrix are four different strategies: marketing penetration, market development, product development and diversification.
Here is what the Ansoff matrix looks like:
- Maintain/increase market share of current products.
- Secure dominance of growth markets.
- Restructure a mature market by driving out competitors.
- Increase usage by existing customers.
- New geographical; for example, exporting the product to a new country.
- new product dimensions or packaging.
- New distribution channels.
- Different pricing policies to attract different customers or create new market segments (niche).
This strategy may require the development of new competencies and requires the business to develop modified products which can appeal to existing markets.