Aim for a small business can “Survival”, to survive in the market and look for profits. Aim for a medium sized business would be to maximize their profits and growth to expand their current business operations and increase market share. Aims for Large business would be external growth,I. E taking over their competitors In the market. Secondly it would be adding value and quality to their products, and finally providing service to the community in some way, like giving funds to charities and opening up
It’s branches in development area where development Is required. In the product oriented, Its include product development and product diversification. Product development is a strategy for company growth by offering modified or new products to current market segments. In the product development, the companies try to sell more product to the same people. The company may be extending the product by producing different variants, or packaging excellent products It In new ways.
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The product diversification Is a strategy for company growth through starting up or acquiring businesses outside the company’s current products and market. When diversifying, companies must be careful not to overextend their brand’s positioning. The main advantage of diversification is that, should one business suffer from adverse circumstances, the other may not be affected. In the market oriented its included market penetration and the market development. Market penetration is strategy for company growth by increasing sales of current market segment without changing the product.
The example is, advertise which is to encourage more people thin our existing market to choose our product, or to use more of it. Another example is introduced a loyalty scheme, launch price or other special offer promotion. Market Development is a strategy for company growth by identifies and developing new market segment for current company product. In this part, the company targeting new markets, or new areas of the market. The example is the company use different sales channels, such as online or direct sales if they are currently selling through the trade.