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Strategies for Expanding a Business
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naresh bodduna
4
naresh bodduna
Accountant

Strategies for Expanding a Business

A person started a business of extracting metals. Soon it became a popular business. In order to expand his business, he needs to utilize a strategy and follow it.
What kind of strategy could he use?

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  Jaap de Jonge
4
Jaap de Jonge
Editor, Netherlands
 

Strategies to Expand a Business

Hi Naresh, I moved your question to this forum, because it fits really well with your question. As you can see, according to the Ansoff Matrix the business founder could choose from 4 strategies:
1. Market Penetration
2. Product Development
3. Market Development
4. Diversification
Which one is best depends on the circumstances and the preferences (vision, mission) of this entrepreneur.

  Akintunde Olusegun
1
Akintunde Olusegun
Consultant, Nigeria
 

Strategies for Business Expansion

I agree as pointed out by @Jaap de Jonge, you need to study and analyze Ansoff's business expansion strategies to be able to zero in on the one that fits your particular situation and business milieu.

 

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Help improve this subject

More on Product/Market Grid
Summary Discussion Topics
topic Ansoff Matrix Applications
topic Turbulence, Planning and Paralysis by Analysis
topic How to Decide in Which Sector to Diversify?
topic Diversification Types and Examples
topic How to Prioritize Business Growth Opportunities (Ansoff): The ICE Prioritization Tool
topic International/Global Expansion
topic Horizontal Diversification versus Product Development. What's the Difference?
🔥 Innovation Ambition Matrix
topic Expansion Strategies as per Ansoff
topic Diversification in Africa: Why African Economies must Diversify
👀Strategies for Expanding a Business
topic What is the Optimal Level of Diversification for Firm Performance?
Special Interest Group


More on Product/Market Grid
Summary Discussion Topics
topic Ansoff Matrix Applications
topic Turbulence, Planning and Paralysis by Analysis
topic How to Decide in Which Sector to Diversify?
topic Diversification Types and Examples
topic How to Prioritize Business Growth Opportunities (Ansoff): The ICE Prioritization Tool
topic International/Global Expansion
topic Horizontal Diversification versus Product Development. What's the Difference?
🔥 Innovation Ambition Matrix
topic Expansion Strategies as per Ansoff
topic Diversification in Africa: Why African Economies must Diversify
👀Strategies for Expanding a Business
topic What is the Optimal Level of Diversification for Firm Performance?
Special Interest Group
Knowledge Center

Product/Market Grid


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