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Prof. H. Igor Ansoff proposed four strategies for growing in existing and new markets using existing and new products. Ansoff's matrix suggests that if the focus in on existing products and markets, then market penetration and concentrated growth strategies are most appropriate. If new markets are targeted for existing products, then a market development framework is being pursued. If new products are developed for existing markets, then managers are pursuing a product development strategy. Finally, managers are trying to expand and diversify their firm's product mix through internal development when new products are developed for new markets.
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