On the basis of this, 3 different growth plans are suggested. The following are the 3 primary growth strategies:
PERCOLATION OF THE MARKET
This tactic’s goal is to boost sales of currently offered goods and services on active markets, which will raise your market share. You can achieve this by luring clients away from your rivals and/or ensuring that your current clients purchase your goods and services more frequently. This can be achieved by lowering prices, increasing promotion and distribution assistance, acquiring a competitor in the same market, or making minor product improvements.
MARKET EXPANSION
This entails boosting sales of currently offered goods or services in untapped markets. The market expansion entails analyzing how to expand an existing market or how to sell a company’s current offer on new markets. Different consumer segments, such as industrial purchasers for a good that was previously marketed only to households, new places or regions of the country, and so on, can achieve this. overseas markets.
PRODUCT MANUFACTURING
Launching new goods or services on already-existing markets is the goal. Product development can be used to expand the offer given to current clients in an effort to boost sales. Purchase of the rights to create someone else’s goods; Investment in the product and “branding” it; Investment in the research and development of further items; Investment in these products; Co-development with another business that needs access to the company’s brands or distribution networks.