Monday, January 6, 2020
Discussion about the Growth Strategies Available to...
Growing a business is the process of having a greater market share by increasing customer base, thus increasing revenue, having more employees, and larger premises. Growth strategies are the theories to which a business may utilize to attempt to grow their business. The theories I will be discussing are evolutionary, classical, Schumpeter and mergers acquisitions. Overview There are two types of business growth, organic, and inorganic. Organic growth Organic growth is the process of expanding a business using internal sources. Retained profit is an example of funding for growth. Another method of Organic growth is through private finds, such as the owner’s personal savings. Marks and Spenser’s growth is primarily organic;†¦show more content†¦This is allowing their business to grow even further by selling more products where they wouldn’t have otherwise sold. 4 – Diversification Diversification is when an entity markets a new product to new markets. An example of this is a app company creating a new revolutionary app, this is a company creating a new product in a field that it understands. Another example is when a business launches into a new market that it isn’t specialized in or, for example Google is creating a contact lens for diabetes patients to monitor their sugar level. Google is launching into two new markets, first is contact lenses, second in health care/ diabetes, and the third market is one they know well and are specialized in, technology. The Ansoff matrix is a tool that helps businesses decide their product and market growth strategy. The Ansoff matrix looks at market change and technical change on the two sides and helps act as a framework to companies to evaluate whether they should be looking for new markets or new products. Disadvantage of Ansoff The Ansoff matrix is just a tool to help the business look at the markets and their products, it is very simple and doesn’t take into account the external environment. For example it doesn’t give the business any market research into if the product will be successful or not. The Ansoff matrix is most effective when its combinedShow MoreRelatedBus 521 Complete Course Bus521 Complete Course2811 Words  | 12 Pagescom/q/bus-521-complete-course-bus521-complete-course/22048 http://workbank247.com/q/bus-521-complete-course-bus521-complete-course/22048 BUS 521 Week 1 Discussion Entrepreneurship and Business Model Please respond to the following: * From the e-Activity, debate the role entrepreneurship plays in America. Next, determine three to five potential advantages and challenges that entrepreneurial ventures must consider. 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