A
Growth And Expansion
Strategy is an action plan designed to assist
businesses which internment a larger share of the market, even if it that comes
with an expense of the short-term profit. The growth strategy for a company
implements and depends profoundly on the factors related to finances, market,
and the industry which company operate. The developing new or revising the
existing growth strategy isn’t that one which may fits for all the process. In
fact, any change in the market circumstances strategic decisions also vary a
lot. Companies cannot replicate or duplicate the strategies based on someone
else’s successes as it will not help in any way. Organizations learn from
another company, but thoughtlessly implementing or copying a plan won’t create supportable
growth.
Market Penetration
It
is one of the most candid growth strategy, and one of most used by different organizations.
The objective of using the market penetration technique is to trade more
products to the targeted customers. Largely, the majority of growth and
marketing techniques fall under this category.
Market Development
Market
development is about finding new markets and customer segments which can be assisted
with products manufactured by the organization. This can include activities
like primary new retail locations, developing up of new marketing messages to
target different demographics, or even adopting a different pricing structure.
Product Development
The
goal of product development strategy is to upsurge market segments and develop
more and more products for the target market. This can further referred as
simple as adding new features to existing product, or developing entirely new
products.
Diversification
Diversification
strategy aims to progress entirely on new products for the new markets.
Businesses characteristically achieve this growth by buying or partnering with
the pre-existing companies which deal with the wide range of services.
Acquisition
Buying
another company is occasionally a cost-effective way for increasing the market
share, capture of new markets or diversifying the product range. This strategy
gives an established clientele and operation, which may adjust for adding
value. The acquisition may be a good strategy to expand in a new location where
lack contacts and local knowledge is observed. A small company might use such
strategy for expanding product line and enter in a new market. Acquisition
strategy can further be risky, but not as risky as a diversification strategy.
Acquiring
a franchise for a business which usually arises with heading, thoughtful
marketing and backing from franchise owner. But it is important be assured to
investigate all costs, including start-up fees, royalties, advertising and
supplies.
Increase
in advancements for products or services to improve their demand. Aside from
both conventional and non-conventional forms of advertising, small businesses
can also hire other means to attract customers such as offers, promotional
events, trade and sales discount, rebate and schemes.
Improvements on the
products
Encourage
more people for buying product that improve the existing features, or finding an
alternative to use it. However, in most of the cases, there is a need for changing
to product.
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