Ansoff Matix is employed in planning marketing and product promotion strategies by business firms. As it is used for forming strategies to promote growth and market products, therefore it is also termed as ‘Ansof Growth’ or ‘Ansof Product Matrix. It can be inserted in MS Excel, Word, and PowerPoint projects.
Implementation of Ansoff Matrix Excel
It evaluates the current market scenarios and develops favorable strategies to promote a product in the existing situation. Hence, it devises strategy for potential growth of a product. It employs four major strategies for this purpose: ExcelTimes.com is there for resolving issues regarding templates of excel.
- Market Penetration
It is a technique in which a company attempts to raise the market share by spreading products in the market in order to attain growth. Advertisements, branding, discounts, competitive pricing, product promotion through different means are the methods to execute this strategy.
- Market Development
It is a technique in which a company attempts to reach its products in a new market for instance, in new geographical locations. It would certainly employ new distribution strategies and therefore, is termed as riskier than the first strategy.
- Product Development
This strategy implies producing new products and making them reach to the existing customers of that company.
This technique entails manufacturing new products and making them rin reach to the customers of new markets. It requires high investment and also entails risk as there is no assurance that the new products would be liked by the customers. Giant multinational companies employ this technique as they already have huge capital assimilation.
Ansoff Matrix Features
It analyzes the external and internal dynamics of markets and presents the analysis in a graphical demonstration. The graph illustrates the extent to which the devised marketing strategy is deviating from the actual or ideal scale of product growth.