How can we grow the business? We have to move forward!
Sir, we could apply one of the Ansoff's Matrix strategies!
Oh, what are those?
It is a strategic tool that considers the opportunities of offering existing and new products within existing and/or new markets. It also analyzes the levels of risk associated with each.
The four types of strategies within it are: market penetration, product development, market development and diversification.
Exactly!
Product development consists in the development of new products or services and placing them into existing markets.
Market penetration consists in the selling of established products into existing markets.
Finally, diversification consists in the development of new products and putting them into new markets at the same time.
Nice!
Yeah! I heard that one it's considered the most risky strategy.
Market development consists in taking existing products or services and selling them in new markets.
Everything sounds awesome!
Sure!
In the next meeting we should discuss in which of those strategies we should move forward onto.
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