Strategy for Expanding a Business

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Strategy for Expanding a Business
naresh bodduna, Accountant, India

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?

Strategies to Expand a Business
Jaap de Jonge, Editor, Netherlands
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 owner 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 the business person.



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