The strategies to expand the business
Businesses can be of any size. It looks for its expansion in the market share as well as increased revenue. Companies most often follow certain strategies for their business growth and to advance in the business. Such advanced strategies are followed by shubhodeep prasanta das which has resulted in the remarkable growth of the business.
Varied types of strategies:
Here are some of the noted tactics related to the business which will help the development of the business at the same time they are also useful to have a share, revenue as well as the internal and external growth of the business.
Market penetration- this will mainly occur when the business tries to make further growth in the existing market. To achieve this they usually try to lower the rate or even increase the marketing efforts which helps to gain more number share in the market. efforts will be made to increase awareness about their service and product.
Product development– this mainly involves the varied innovations present in products or even creating new ones to increase revenue. Some companies also choose to select the inventory as well as add a certain new form of a feature to attract more customers. Investing in the creation and design of new forms of products fosters business growth.
Market expansion- at this stage, they try to reach untapped customers. For instance, an office will supply the company will try to get more share in the market by selling to varied educational institutions, organizations, healthcare, and other government agencies.
Vertical integration– here the company tries to take on other parts of the distribution and manufacturing process. At this stage, they start to produce the packing of materials by themselves or even buy the factory to produce the various key products.
Increase efficiency- the company will try to increase productivity by reducing costs as well as trying to increase revenue.