Ansoff’s Matrix is a tool that helps business decide their product and market growth strategy. It has been used by marketers for several years to determine strategic priorities. It provides a logical framework in which marketing objectives can be developed under each of the four main categories of the Matrix: Product development, diversification, market development and market penetration.
You can use Ansoff’s Matrix to define your e-marketing objectives and use the internet for targeting new geographic markets, new customer segments; to support diversification into related and unrelated businesses; for market share growth, customer loyalty and value improvement; and for adding value to existing products.
Your objectives contain three elements:
1. The attribute that you have chosen as a measure of efficiency. E.g.: Increase
2. The scale that you will use to measure the attribute.
3. The value on the scale which the business seeks to attain.
Marketing objectives provide direction to your plan. They are all about products and markets only. If you are about to write your marketing plan or re-write it, I recommend you to take some quality time defining your marketing objectives.
