Growth strategy

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Most companies have plans to grow their business and increase sales and profits. However, there are certain methods companies must use for implementing a growth strategy. Growth strategy is a long-term approach which are implemented by companies to expand their business depend on financial capabilities, competition level and SWOT analysis. The main Growth Strategies include as below:

Market Penetration

Market penetration strategy is used when we want to expand existing products within the same market. In other words, increasing marketing performance with current products or services in the market they are already operating in. One of the best solutions for doing this is incensement of market share by decreasing the prices or other methods.

 

Market Expansion

 

A market expansion growth strategy, often called market development, entails expanding into a new market using current products or services. There several reasons why a company may consider a market expansion strategy. First, the competition may be such that there is no room for growth within the current market. If a business does not find new markets for its products, it cannot increase sales or profits.

 

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