Question

Strategy of introducing new product in existing market is classified as

Answer 1

The Ansoff Matrix is a vital arranging device that gives a structure to support administrators, senior chiefs, and advertisers devise methodologies for future development. It is named after Russian American Igor Ansoff, who made the idea.  

In market penetration system, the association attempts to develop utilizing its current contributions (items and administrations) in existing markets. As it were, it endeavors to build its piece of the pie in current market scenario.This includes expanding piece of the overall industry inside existing business sector fragments. This can be accomplished by pitching more items or administrations to set up clients or by finding new clients inside existing markets. Here, the organization looks for expanded deals for its present items in its present markets through progressively forceful advancement and dissemination.  

This can be enhanced by:  

1. Value decline  
2. Increment in advancement and circulation support  
3. Obtaining of an opponent in a similar market  
4. Unobtrusive item refinements

Answer 2

The main strategy of bringing a brand new product into the current market works under the of the matrix which is a flowchart that provides step by step detail to ensure that the new product gains success in the market.

It involves development in the market, penetration, diversification and production development.

This is a tool which can be used by analyzing all these options.