Description:

The market expansion matrix typically consists of four strategies: Market Penetration, Market Development, Product Development, and Diversification. Market Penetration involves increasing sales of existing products in current markets, while Market Development focuses on entering new markets with existing products. Product Development entails introducing new products into existing markets, and Diversification involves entering new markets with new products. By using the Market Expansion Matrix, businesses can assess the risks and potential rewards associated with each strategy and make informed decisions to expand their market presence and drive sustainable growth.