Growth Strategies


Whenever a business seeks to grow, it considers several strategies to help achieve this objective, but the most common one is a business first looking at growth opportunities within itself to exploit.

For a business to exploit growth opportunities within itself, it uses the "product-market growth expansion grid." This considers the growth opportunities of a business in terms of current and new products and markets.

The Product-Market Expansion Grid considers the following areas:

  • Market-Penetration Strategy: This is where a business considers whether to grow more of its existing market with an already existing product.
  • Market-Development Strategy: With an existing product, the business considers reaching new markets.

  • Product-Development Strategy: With an existing market, the business considers expanding through the production of a new product.
  • Diversification: A business now considers new opportunities to develop new products for new markets.

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