{"id":8917,"date":"2019-11-18T07:53:31","date_gmt":"2019-11-18T07:53:31","guid":{"rendered":"https:\/\/staginggembah.wpengine.com\/blog\/what-is-a-market-product-grid\/"},"modified":"2024-11-04T12:23:51","modified_gmt":"2024-11-04T18:23:51","slug":"what-is-a-market-product-grid","status":"publish","type":"post","link":"https:\/\/gembah.com\/blog\/what-is-a-market-product-grid\/","title":{"rendered":"What is a market product grid and why should you use one?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Interested in growing your business? There are a variety of ways to do so; but how do you know which strategy is right for your venture?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A market product grid helps companies plot out their growth strategy and visualize the risks associated with expansion. It can help key leaders make decisions around product <\/span><a href=\"https:\/\/gembah.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">development<\/span><\/a><span style=\"font-weight: 400;\">, distribution, marketing, and even hiring. The matrix was initially published by <\/span><a href=\"https:\/\/blog.oxfordcollegeofmarketing.com\/2016\/08\/01\/using-ansoff-matrix-develop-marketing-strategy\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Harvard Business Review<\/span><\/a><span style=\"font-weight: 400;\"> and has since become a core teaching at business schools all over the world. Here\u2019s what you need to know about a market product grid, and how to use one to initiate your growth strategy.\u00a0<\/span><\/p>\n<h2><b>What is a market product grid?\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A market product grid, also known as an Ansoff Matrix or a product-market expansion grid, is a tool that businesses use to develop a <\/span><a href=\"https:\/\/growthhackers.com\/articles\/product-market-expansion-grid-explained\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">growth strategy<\/span><\/a><span style=\"font-weight: 400;\"> by considering new and existing markets, new and existing products, and the risks of each possible relationship.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The market product grid divides strategic outcomes by four major categories:<\/span><\/p>\n<ul>\n<li><b>Market penetration<\/b><span style=\"font-weight: 400;\">: a business creates growth by bringing its current products to existing markets\u00a0<\/span><\/li>\n<li><b>Market development<span style=\"font-weight: 400;\">: a business creates growth by bringing its current products to new markets.\u00a0<\/span><\/b><\/li>\n<li><b>Product development<span style=\"font-weight: 400;\">: a business creates growth by bringing new products into existing markets.\u00a0<\/span><\/b><\/li>\n<li><strong>Diversification<\/strong><span style=\"font-weight: 400;\">: a business tries to create growth by bringing new products to new markets.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Why use a market product matrix? The goal is for the company to plan it\u2019s existing products and new products \u2013 as well as where they\u2019re going to sell each product \u2013\u00a0and learn about the risk associated with their plan. The grid is best used to understand your business growth options, but it won\u2019t tell you what actions you should take.\u00a0<\/span><\/p>\n<div class=\"banner\">\r\n    <div class=\"title\">\r\n        <span class=\"light\">Launch Your Product Faster<br> with<\/span>\r\n        <span class=\"bold\">Gembah<\/span>\r\n    <\/div>\r\n    <div class=\"subtitle\">\r\n        <span>1000\u2019s of vetted factories, designers, and experts are a few clicks away!<\/span>\r\n    <\/div>\r\n    <a href=\"\/expert-help\/\" target=\"_blank\" class=\"cta-button\">Get Started Now<\/a>\r\n<\/div>\r\n<style>\r\n    .banner {\r\n        background-color: #0692FB;\r\n        background-image: radial-gradient(rgba(255, 255, 255, 0.07) 1.6px, transparent 1px);\r\n        background-size: 7px 7px;\r\n        color: #ffffff;\r\n        padding: 30px;\r\n        text-align: center;\r\n        font-family: Arial, sans-serif;\r\n        border-radius: 12px;\r\n        max-width: 540px;\r\n        margin: 20px auto 40px;\r\n        box-shadow: 0px 8px 16px rgba(0, 0, 0, 0.2);\r\n        display: inline-block;\r\n    }\r\n\r\n    .banner .title {\r\n        font-family: 'Poppins', sans-serif;\r\n        font-size: 28px;\r\n        margin: 5px 20px 0;\r\n        text-shadow: 1px 1px 4px rgba(0, 0, 0, 0.2);\r\n        line-height: 1.2;\r\n        color:#ffffff!important;\r\n    }\r\n\r\n    .banner .title .light {\r\n        font-weight: 400;\r\n    }\r\n\r\n    .banner .title .bold {\r\n        font-weight: 900;\r\n    }\r\n\r\n    .banner .subtitle {\r\n        font-family: 'Jost', sans-serif;\r\n        font-size: 18px;\r\n        font-weight: 400;\r\n        line-height: 1.25;\r\n        margin: 14px 60px 20px;\r\n        text-shadow: 1px 1px 4px rgba(0, 0, 0, 0.2);\r\n        word-spacing: 0.8px;\r\n        color:#ffffff!important;\r\n    }\r\n\r\n    \/* More specific selector with !important overrides *\/\r\n    .banner a.cta-button {\r\n        background-color: #fdbc52 !important;\r\n        color: #1e1e1e !important;\r\n        font-family: 'Jost', sans-serif !important;\r\n        font-size: 20px !important;\r\n        font-weight: 900 !important;\r\n        padding: 9px 19px !important;\r\n        border-radius: 6px !important;\r\n        margin: 15px 0 10px !important;\r\n        cursor: pointer !important;\r\n        text-decoration: none !important;\r\n        display: inline-block !important;\r\n        transition: background-color 0.3s ease !important;\r\n        box-shadow: 0px 6px 12px rgba(0, 0, 0, 0.3) !important;\r\n    }\r\n\r\n    .banner a.cta-button:hover {\r\n        background-color: #e6a946 !important;\r\n    }\r\n\r\n    @media (max-width: 600px) {\r\n        .banner {\r\n            max-width: 90%;\r\n            margin: 20px auto;\r\n        }\r\n\r\n        .banner .title {\r\n            font-size: 20px;\r\n            margin: 0px 0;\r\n        }\r\n\r\n        .banner .subtitle {\r\n            font-size: 16px;\r\n            font-weight: 500;\r\n            margin: 20px 20px 0;\r\n            margin-bottom: 30px;\r\n        }\r\n\r\n        .banner a.cta-button {\r\n            font-size: 16px !important;\r\n            padding: 10px !important;\r\n            width: 100% !important;\r\n        }\r\n    }\r\n<\/style>\r\n\n<h2><b>How to make a market product grid<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The simplest market product grid uses two axes: the x-axis for products (new and existing), and the y-axis for markets (new and existing). To use the matrix effectively, business leaders must have a firm understanding of where the best opportunities lie given the company\u2019s current position. Recognize how many resources you can expend, as well as what your risk tolerance is.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, strategic leaders start in the market penetration quadrant, where they\u2019re bringing an existing product to an existing market. This quadrant is considered the most obvious starting point for any company: it attempts to gain market share in an existing market. This approach \u201cdoes not require the company to venture into <\/span><a href=\"https:\/\/tallyfy.com\/ansoff-matrix-analyze-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">unexplored markets and products<\/span><\/a><span style=\"font-weight: 400;\">. As a result, it provides a lower amount of risk because essentially the organization\u2019s scope remains unchanged.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, sometimes increased competition or economic and legal constraints prevent a company from pursuing further market penetration. In these instances, a company might choose to pursue product development: bringing a new product to an existing market. This strategy is one level up on the risk scale. It involves diversifying to new products, but not to new markets; often, companies mitigate this risk by using the same core technology, instead of developing entirely new products. Likewise, this strategy is likely to be more <\/span><a href=\"https:\/\/product2market.walkme.com\/product-market-expansion-grid-explained\/?utm_campaign=Submission&amp;utm_medium=Community&amp;utm_source=GrowthHackers.com\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">expensive<\/span><\/a><span style=\"font-weight: 400;\"> as new talent and <\/span><a href=\"https:\/\/gembah.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">tools<\/span><\/a><span style=\"font-weight: 400;\"> may be needed to create a new product.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some companies prefer to forgo product development in favor of a market development approach. Market development, bringing an existing product to a new market, requires an effort in planning and customer research. But it doesn\u2019t need to be so complicated. A <\/span><a href=\"https:\/\/product2market.walkme.com\/product-market-expansion-grid-explained\/?utm_campaign=Submission&amp;utm_medium=Community&amp;utm_source=GrowthHackers.com\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">new market<\/span><\/a><span style=\"font-weight: 400;\"> can be tapped simply by:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Distributing to a new geographical area;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Implementing new pricing to attract a new customer set;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Or, developing new distribution channels.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Lastly, the riskiest growth strategy for a company is full <\/span><a href=\"https:\/\/tallyfy.com\/ansoff-matrix-analyze-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">diversification<\/span><\/a><span style=\"font-weight: 400;\">: bringing a new product to a new market. This risk, however, can be offset by the potential gains. Diversification inoculates a company against economic upheaval; when one market fails, or one product goes out of style, the company is protected. Diversification may have the highest investment in terms of research, distribution, and marketing, but it can pay off big-time.\u00a0<\/span><\/p>\n<h2><b>What growth strategy is right for your business?\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A product market grid can help you answer this question. But, strategic leaders must factor in costs, risk, and their type of product or customer. A <\/span><span style=\"font-weight: 400;\">manufacturing<\/span><span style=\"font-weight: 400;\"> or distribution partner can help alleviate some of the burden of expanding into a new market. Mature businesses will have different risk tolerances than a startup, and depending on your industry, it can be hard to find a place that isn\u2019t already fiercely competitive. Do your market research to learn more.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interested in growing your business? There are a variety of ways to do so; but how do you know which strategy is right for your venture? A market product grid helps companies plot out their growth strategy and visualize the risks associated with expansion. It can help key leaders make decisions around product development, distribution, &#8230; <a title=\"What is a market product grid and why should you use one?\" class=\"read-more\" href=\"https:\/\/gembah.com\/blog\/what-is-a-market-product-grid\/\" aria-label=\"More on What is a market product grid and why should you use one?\">Read more<\/a><\/p>\n","protected":false},"author":14,"featured_media":7154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[],"topics":[],"class_list":["post-8917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.1 (Yoast SEO v23.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Product Grid: Why Should You Use One? - Gembah<\/title>\n<meta name=\"description\" content=\"A market product grid, or Ansoff matrix, can help visualize the various growth strategies available to a company. 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