Igor Ansoff's theory, also known as an 'Ansoff Matrix', was published in the Harvard Business Review in 1957 and is used today by many businesses to understand risk and develop a strategy. It looks at four different business strategies – market penetration, product development, diversification and market development – which are applied depending on how risky it is for the company to expand into new markets with new products. Companies can make better-informed decisions about their growth and expansion plans by assessing risk. Ansoff's theory has become a cornerstone of modern business management and provides an essential framework for businesses looking to grow and develop. It is widely used to help organisations understand their risk profile before deciding on their growth plans. It is an essential tool for any business looking to develop a strategy for success.