Product/Market Matrix
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.
At a very high level, the Product/Market Matrix is used in the context of marketing, business, project management.
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What is the Product/Market Matrix?
A visual explanation is shown in the image above. The Product/Market Matrix can be described as a matrix with the following quadrants:
- 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.
What is the purpose of the Product/Market Matrix?
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.
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What templates are related to Product/Market Matrix?
The following templates are categorized as marketing, business, project management and are therefore related to Product/Market Matrix: Effort Impact Matrix, Growth Share Matrix, Outsourcing Matrix, PICK Matrix, Quadrant Analysis, Risk Analysis Matrix, Risk Value Matrix, TOWS Analysis Matrix. You can browse them using the menu above.
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