The Risks and Rewards of Launching a New Product: An Introduction to Ansoff's Matrix

The video tutorial discusses the complexities of launching new products or services, emphasizing both the potential benefits and inherent risks. It introduces Ansoff's matrix, a strategic tool for assessing risk in product and market expansion. The matrix includes four strategies: market penetration, market development, product development, and product diversification. Each strategy is explained with real-world examples, highlighting the balance between risk and reward. The tutorial aims to equip businesses with the knowledge to choose the right strategy based on their goals and market conditions.

Describe the market development strategy and provide an example.

What is product development and what are the potential risks associated with it?

Discuss the concept of product diversification and its associated risks.