Strategies for Expanding a Business

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Strategies for Expanding a Business
naresh bodduna, Accountant, Member

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? (...) Read more? Sign up for free

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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 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.

Strategies for Business Expansion
Akintunde Olusegun, Consultant, Nigeria, Member

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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