Innovolo Group Ltd
71-75 Shelton Street,
Ansoff Matrix Checklist
The following checklist is designed to assist with the discovery phase of a new product development project
by providing a comprehensive list of stimulating questions that can be used to explore product and market
opportunities.
Category
Market Penetration
Product Development
T. 0333 0111 771
Covent Garden, London, E. hello@innovolo-group.com
WC2H 9JQ United Kingdom W. innovolo-group.com
Questions
 What existing products can be improved?
 What existing customers are not being serviced?
 What adjustments can be made to current products to
increase sales?
 How could pricing variation affect sales?
 How could distribution channels be optimized for higher
sales volume?
 Could target markets broaden or change as a result of
planned changes?
 Are there untapped geographical areas that should be
targeted?
 What is the market share of the company and what
strategies can it use to grow the share?
 Could the company use its brand influence or goodwill more
effectively?
 What existing markets can we target?
 Are there any new products or services that can be marketed
to these existing customers?
 How can we increase the share of customers in our current
market?
 How can we develop and strengthen relationships with our
current customer base?
 Is there an opportunity for upselling or cross-selling to our
current customers?
 What strategies can we adopt to increase the number of
existing customers in our current markets?
 Are there any industry disruptors that could warrant new
product development initiatives?
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Innovolo Group Ltd is registered in England & Wales with Company Number 14641267
Registered office: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ United Kingdom
  Does research point towards unmet customer needs that can
guide product design decisions?
 Are there any untapped technological advances suitable for
creating new products or services?
 Could reconfiguring current products or services create an
advantage in the marketplace?
 Are competitors offering better value propositions within
specific segments?
 Does public opinion suggest potential avenues for product
innovation?
 What innovative approaches could be used to develop new
products and services that respond to customer needs in
existing markets?
 Are there ways to extend product lines while still meeting the
needs of consumers?
 Is it possible to develop complementary products or services
that add more value for our current customers?
 Could new technologies be leveraged to disrupt traditional
business models and create innovative solutions for our core
product/service offering?
 How could artificial intelligence (AI) be utilized in product
development and how would this improve user experience?
Market Development  Is there potential for expanding into related industries?
 Could existing products have applications beyond their
original scope?
 Is it possible to explore overseas markets without significant
investments in time, personnel and resources?
 Which countries offer viable growth options beyond core
markets?
 Which strategies will help penetrate international markets
most successfully?
 Who are the primary target customers in foreign markets and
how do they differ from core target audience in domestic
markets?
 What avenues exist for entering into adjacent markets such
as related industries, foreign countries, or cultural
subgroups?
 Are there any partnerships or co-branding opportunities that

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 could help us reach new audiences with our product or
service offering?
 Can different versions of our products or services be tailored
for different geographic regions, languages, cultures, or
demographics?
 What potential exists for leveraging digital channels to
expand into new markets and consumer segments?
 Are there any powerful influencers that should be contacted
prior to launching a marketing campaign in a particular
market?
Diversification  What alternative industries offer attractive opportunities for
expansion?
 If a diversification strategy were adopted, what risks should
be considered before committing resources to it?
 What gaps exist between customer expectations and actual
offerings - how can they be filled by diversifying into other
areas of business activity/products/services etc.?
 Could developing relationships with related businesses lead
to joint venture projects or strategic alliances with new
partners?
 What disruptive technologies have emerged recently that
offer potential growth opportunities through diversification
into unrelated industries?
 Could merging with another company provide access to
completely new customer bases and markets due to
synergies between core competencies?
 Are there any joint ventures , strategic alliances ,or co-
branding capabilities that could open up more diverse
revenue streams from multiple sources?
 Can data from multiple sources be combined in meaningful
ways to make informed decisions about entering into new
markets or developing innovative products & services?
 How can different pricing models best enable us maximize
both short-term profit generation & long-term customer
satisfaction across various market segments?

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