Strategies for Expanding a Business

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naresh bodduna

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?


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
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.


More on Product/Market Grid:
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Turbulence, Planning and Paralysis by Analysis
🥈 How to Decide in Which Sector to Diversify?
🥉 Diversification Types and Examples
How to Prioritize Business Growth Opportunities (Ansoff): The ICE Prioritization Tool
🔥 Horizontal Diversification versus Product Development. What's the Difference?
Diversification in Africa: Why African Economies must Diversify
👀Strategies for Expanding a Business
What is the Optimal Level of Diversification for Firm Performance?
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