The Product/Market Matrix assists businesses dealing with several types of products, each with a unique situation. It provides guidance in situations concerning current or new markets and products.
PRODUCT/MARKET MATRIX INFO
- NEW PRODUCT; CURRENT MARKET
Contains product development tasks.
- NEW PRODUCT; NEW MARKET
Contains diversification tasks.
- CURRENT PRODUCT; CURRENT MARKET
Contains market penetration tasks.
- CURRENT PRODUCT; NEW MARKET
Contains market development tasks.
PRODUCT/MARKET MATRIX TEMPLATE
It is generally known that businesses strive to extract as much profit as possible from each product they develop; they also seek to diversify their selection and keep current customers satisfied. The Product/Market Matrix assists in doing just that, with a quadrant for advice on each topic.
‘New Product/Current Market’: For projects in this quadrant, businesses should work on a fresh product for already-existing customers.
‘New Product/New Market’: For projects in this quadrant, businesses should create a unique product for new customers.
‘Current Product/Current Market’: For projects in this quadrant, businesses should seek to increase consumption of products for already-existing customers.
‘Current Product/New Market’: For projects in this quadrant, businesses should work to enter a new market with a product that they already provide.
PRODUCT/MARKET MATRIX IN PRIORITY MATRIX
You can get Product/Market Matrix in your Priority Matrix in just a moment: