What is Market Expansion Grid?
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Answer:
The product market expansion grid was specified by the Ansoff’s matrix. The product market expansion grid is used for planning by a company when the company is looking to increase the sale of its products either by expanding product range or entering new markets. Thus, there are various strategies that the company can develop when it compares the product with the current market.
The product market expansion grid considers two main factors. The product and the market. The product can either be a current product or a new product. And the market can either be a current market or a new market. Thus, a grid is made, keeping in mind the two forms of products and the two forms of markets. This grid is the product market expansion grid. With the help of the grid, the proper market expansion strategy is decided. There are 4 main strategies of the product market expansion grid. These are mentioned below.
Explanation: