Growth Strategy

A growth strategy in strategic management is a plan that a company uses to expand its business. This can involve increasing sales, entering new markets, developing new products, or acquiring other businesses. The goal is to achieve a larger market share, boost revenue, or enhance competitiveness. Companies choose a growth strategy based on their strengths, market opportunities, and resources available, ensuring they align with their overall mission and objectives. A well-defined growth strategy helps businesses navigate challenges and capitalize on opportunities for sustained success.