Product Market mix is a growth vector matrix model that describes how a mix of companies activities in current and new markets, with existing and new product can result in growth.

• Current Product In Current Market : Market Penetration

A method by which a firm seeks to extend the market share of its product within the existing market through sales promotion, advertisement, bundling, pricing, volume discount etc.

• Current Product In New Market : Market Development

A method through which a firm seeks new markets for its current product, through completely different approaches like,
1. Export Markets in new geographical locations.
2. completely different package size.
3. New distribution channels to achieve new customers.
4. Differential rating to reach out more diversified customers customers and new market segments.

• New product in existing Market : Product Development

A method in which firm launches new product in existing market.
Product development will have many benefits like,
1. A firm will exploit its existing selling arrangements, promotional ways and distribution channels at low price.
2. A good understanding of consumers style is important for product development.
3. Competitors are forced to respond.
4. The cost of entry to the market can go up.

Product Development is riskier than market penetration and market development because it needs major investment in new product development method.

• New Product In New Market : Diversification
When an organization decides to create new product for a brand new market , an organization ought to have a transparent plan of what it expects to realize from diversification.
Diversification is that the most riskiest than market penetration, Market development, product development because it needs huge investment in new product additionally as discovering new markets for its product.