The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Market penetration, market development, product development, and diversification are the ones that represent the four components of the product/market expansion grid.
A market product grid is also termed an Ansoff Matrix or a product-market type expansion grid which is used as a tool that business firms used for the development of growth strategy. Market product grid is established for considering new as well as existing markets also new and existing products as well as the risks to be encountered in each possible relationship.
The Product Market Expansion Grid consists of four main suggested strategies which include Product Development, Diversification, Market Penetration, and Market Development.
A Market Expansion strategy is a special kind of strategic approach that helps the growth of companies when they are already expanded in their existing channels as far as possible. The primary focus of the strategy is to ensure that all of the particular current markets are fulfilled already and are satisfied with the products as well as the services which are presented for the strategy of market expansion.
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