The Ansoff Growth Matrix is a strategic tool with four growth strategies: market penetration (selling existing products in existing markets), market development (selling existing products in new markets), product development (introducing new products in existing markets), and diversification (entering new markets with new products). Market penetration is low-risk, focusing on existing products and markets, while diversification is high-risk, involving new products and markets. Companies can use this matrix to assess growth opportunities and choose the most suitable strategy based on their capabilities and market conditions.
