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Diversification is a corporate strategy to increase sales volume from new products and new markets. Diversification can be expanding into a new segment of an industry that the business is already in, or investing in a promising business outside of the scope of the existing business.
Diversification is part of the four main growth strategies defined by Igor Ansoff's Product/ Market matrix.
Ansoff pointed out that a diversification strategy stands apart from the other three strategies. The first three strategies are usually pursued with the same technical, financial, and merchandising resources used for the original product line, whereas diversification usually requires a company to acquire new skills, new techniques and new facilities. [Diversification (marketing strategy). Wikipedia]
This Ansoff's Product/ Market matrix example was created using ConceptDraw PRO diagramming and vector drawing software extended with Matrices solution from Marketing area of ConceptDraw Solution Park.
Ansoff matrix
Ansoff matrix, Ansoff matrix,
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How to Make an Ansoff Matrix Template in ConceptDraw PRO

Ansoff matrix template
Ansoff Matrix is a business strategic management tool that helps a business determine its product and market growth strategy. Ansoff matrix has four sections to show each impacting ways that businesses can grow. Using Ansoff Matrix enables determining the current position of any business in the industry and choose the direction of its growth, which would provide the most competitive position. While Ansoff Matrix is most commonly used as a business planning tool it can be used also for personal development. You can make Ansoff Matrix template for your organization using ConceptDraw PRO Matrices solution.

marketing, process, chart, Marketing Charts, Marketing Diagrams, solution park Marketing

marketing, process, chart, Marketing Charts, Marketing Diagrams, solution park
This solution extends ConceptDraw PRO v9 and ConceptDraw MINDMAP v7 with Marketing Diagrams and Mind Maps (brainstorming, preparing and holding meetings and presentations, sales calls).