Growth indicates increase in sales and the chance for taking advantage for the opportunities. As the firm develops in size and experience the more it gets better for what it is undertaking and reducing the costs to improve the productivity.
A growth strategy is a plan of act which allows achieving a more share of than currently the organization has. On contrary is further believed that a growth strategy is may not essentially be concentrated on short-term earnings growth strategies can be long-term, too.
Internal Growth Strategies–
The internal growth of an organization is imaginable by increasing the actions through diversifying, or increases of the existing size, and appropriate market growth strategies etc.
Product expansion strategy–
Product expansion strategy is a growth strategy which implies developing fresh and better products for sale in the existing markets as people might have become unresponsive for the old product with passage of time and may be interested for new product owing demand associated with the occurrence of newness.
Market development strategy–
Market development strategy as the term suggests, it drives on rise in sales of dominant products through the market development, i.e. discovering of new markets associated to company’s products. For instances, many businesses have achieved prominent progress by arriving into new geographies and pushing their products by changing size, packaging, and brand name etc.
Market penetration strategy–
It includes growing market share by pushing products, decreasing prices, and advertising essentially everything that can be done over a marketing post product is created.
Diversification is one of the vital growth strategies. As growth involves risk, diversification, it infers to emerging a broader range of goods to reduce the risk associated to the growth.
Internal Growth Strategies–
Internal growth occurs when business enlarges its identifiable operations through the development of own in-house resources. An internal growth strategy doesn’t characteristically depends on external resources, even though it might include expanding competences through the procurement of new technologies or developing knowledge base through better hiring practices and ongoing employee education.
External Growth Strategies–
External growth strategies, in the organic sense, refer to a form of growth strategy, which is derived from using external resources & capabilities rather than internal business activities. Forming planned alliances with other companies, sourcing new suppliers, or developing a new referral network could all fall under this category.
Growth and Expansion Strategies–
The dynamic business environment stresses on nonstop change in the business practices. It is in the terms of customer functions or groups and alternative technologies to widen the expansion scope. Each and every time an organization aims at high growth and expansion strategy are always followed. Moreover, it will be true to say that market expansion strategies are accepted whenever a business desires to expand its actions.
Functioning a business on global scale requires taking into interpretation an entirely new set of factors, local buying habits, overwhelming language and cultural barriers, considering new payment methods, etc.
Expansion through Integration–
Integration comprises of merging operational units anywhere in the value chain creating efficiencies and economies of scale.
There are two primary types of integration:
Vertical integration includes alliance up or down the value chain.
Horizontal integration includes combining operations at the same point in the value chain.
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Ankur Gupta, Head Marketing & Communications