Strategies for Expanding a Business

      
			              Forum
			            
							              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?
				      
X

							  			Welcome to the Product/Market Grid forum. The topic being discussed here is: "Strategies for Expanding a Business". 
										
Sign up now to gain access. It's easy and 100% free.

										Log in

Comments

																	  	Sort by date
																	  	Sort by rating
																		
Rating

										              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.
				                
										              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.
				                
Leave a comment

		                            More on Product/Market Grid:
		                          
													            	Summary
													            
												              Discussion Topics
												            
		                                  		🥇
		                                  	
		                                  		Ansoff Matrix Applications
		                                  	
		                                  		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?
		                                  	
		                              Special Interest Group
		                            
Do you know a lot about Product/Market Grid? Become our SIG Leader