Strategies for Business Growth
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I need help in responding to the following questions, relative to a new, one-owner, etiquette and image consulting corporation that operates only in the United States for now:
Address your strategies for growth for the business.
1. Describe and justify your penetration strategy or explain why you do not have one.
2. Describe and justify your market development strategy or explain why you do not have one.
3. Describe and justify your product or service development strategy or explain why you do not have one.
4. Describe and justify your diversification strategy or explain why you do not have one.
5. Evaluate and justify which (if any) of the three main growth strategies makes the most sense for your business: franchising, joint venture, and acquisition. If another strategy makes more sense, propose and justify it.
6. Predict and explain your business's likely growth in two (2), five (5), and ten (10) years from your business start date.
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Solution Summary
The strategies for business growth are determined. Penetrative strategies are examined.
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Penetration Strategy
Penetration strategy is used to market existing products or services in an existing market. It helps to increase and maintain the market share for the existing products or services. With the help of this strategy, an organization is enabled to restructure a mature market effectively by using competent tactics. This strategy is used by the new, one-owner, etiquette and image consulting corporation as it is quite helpful to focus on the existing market effectively. In order to achieve growth, an organization requires huge information in concern of the customer, including their behavior and preferences as well (Binsardi & Ekwulugo, 2003). This strategy does not require such information and due to this, as a new organization, it enables the company to focus on the US market accordingly and increase market share in the existing market. By using aggressive promotional and advertising strategies, along with the combination of competitive pricing strategies, this organization is enabled to determine growth certainly with less experience (Waters & Waters, 2006). Gradually, it creates knowledge in regards to the market and consumer behavior as well as helps future growth.
Market Development Strategy
Market development strategy is used when an organization seeks growth by selling existing products/services in new markets. For approaching this strategy, organizations are required to have vast information in concern to the service, market and consumer behavior and, due to this market development strategy, that it does not affect etiquette and image consulting with the corporation's growth. In order to approach growth by using this strategy, an organization requires knowledge of new geographical areas, service or product dimensions, new and different distribution channels and pricing policies that are difficult to obtain for new organizations (Proctor, 2000). By obtaining such information, an organization is enabled to attract new customers and to create a sound position in new markets. For an owner, it is ...
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