Growth Strategies In Business What are Growth Strategies? The means by which an organization plans to achieve its objective to grow in volume and turnover. The dynamic business environment calls for periodical changes in the business definitions, in terms of customer groups, customer functions and alternative technologies to broaden their scope for expansion. Growth can never be achieved by a business enterprise, if there is no proper planning for diversification of its business activities across a broad spectrum. Expansion strategies are followed when an organization aims at high growth, by improving its overall performance.     A Small Note on Data Science and Analytics Data analytics help companies improve operational efficiency, drive new revenue and gain competitive advantages. To leverage this technology, companies need to understand the core of their data and determine the outputs that they are looking for. In fact, data-driven companies that utilize Business Analytics achieve a competitive advantage. The companies can improve their strategies by keeping in mind the customer focus. Big data analytics efficiently helps operations to become more effective. Expansion Strategy: Expansion strategies have a profound impact on the internal configuration as well as internal functioning of an organization. The business firms bear the risk of moving in an entirely new direction, where there is an equal chance for failure as that of success. If only a manufacturer plans to diversify or expand in a field that complements his present business activity, does it make any sense. What is the fun in venturing into a business activity about which you have no knowledge or scope? Expansion through concentration: This involves investment of resources in a product line for an identified market with the help of proven technology. A firm may attempt to intensify its focus on existing markets through market penetration strategies. Or new users may be targeted for existing products or alternatively it may introduce new products in existing markets by concentrating on product development. Concentration policy relies on the principle of “A known devil is far better than an unknown angel.” It is a very difficult task for firms to capture new markets or to gain acceptance for new products in existing markets. Expansion through integration: A company attempts to widen the scope of its business activities in such a manner that it results in serving the same set of customers. The alternative technology dimension of the business definition undergoes a radical change. Firms try to move up or down in the value chain to meet the demands of the customers by integrating adjacent activities. Expansion through co-operation: It may include mergers, takeovers, joint ventures and strategic alliances. Two firms try to combine their resources, capabilities and core competencies to pursue mutual interests to develop, manufacture or distribute goods and services. Expansion through internationalization: International strategies are formulated in the wake of globalization where most of the developing countries have liberalized their economic policies facilitating foreign direct investments, generating foreign exchange. Many multinational and transnational companies are setting up their operations in developing countries to factorise the economies of scale and to enjoy the advantages of cheap labor and availability of resources. Stability Strategy: Many firms go for stability strategies that are devoid of any risks. They are quite contented with the modest profit gained from the present business activity and try to maintain the same level of performance, until and unless there is a pressure from the market in the form of competition. Only few firms have that adventurous attitude to take risks in order to have a sustainable competitive...

Key Strategies of Global Marketing Globalization means many things to many people. For some it is a new paradigm – a set of fresh beliefs, working methods and economic, political and socio-cultural realities in which the previous assumptions are no longer valid. For developing countries, it means integration with the world economy. It can be better understood if we look it at this perspective- “the world integrated into one huge market”. It calls for the removal of all trade barriers among countries and a perfect competitive market prevails and the stress can lead to many positive and possible outcomes in terms of QualityQuantityUniquenessForeign exchangeBenefits to the host countryIncreased productivity leading toEconomic growth Well, it does not end there. An MNC (multi national company), by operating in more than one country gains r and d, production, marketing and financial advantages in terms ofcost and labor that other competitors may not enjoy. The global company views the world as one market, minimize the importance of national boundaries, sources, and raise capital and markets wherever it can do the job best. Why do companies go global? One reason could be the rapid shrinking of time and distance across the globe thanks to faster communication, speedier transportation, growing financial flows and rapid technological changes. It is being realized that the domestic markets are no longer adequate and rich. Japanese have flooded the U. S. Market with automobiles and electronic goods because the home market was not big enough to absorb whatever was produced. Companies at the first stage of globalization have only passive dealings with foreign individuals and organizations. By the second stage, companies deal directly with their overseas counterparts, though they might continue to use third parties also. The company might decide to set up an import or export department. Next comes the shedding of domestic capacity and floating an international organization and have a direct hand in exporting, importing, and perhaps producing goods and services abroad. Seldom companies reach this stage, even if they do, they recede later. The company can have a strong foothold in the countries it is organizing its activity only by way of * Superior product quality* Demand* Customer preference for that particular product range that the company offer* A dynamic CEO projecting and boosting company’s image,* Brand image* Availability of skilled labor* Licenses* Access to necessary infrastructure* Feasible financial structure* Viability in the long run* Marketing mix Chennai in India has become a hub for so many corporate as well as global companies since the business climate is very favorable and enterprising. Some of the strategies in globalization would be * Deciding whether to go global* Deciding which markets to enter* Deciding how to enter the market* Learning to handle differences* Adjusting the managing process* Deciding organization structure* Selecting a managerial approach. Developing countries like India have adopted new economic policies that are expected to encourage the international companies setting their foot in India, by which it compels many Indian companies to pursue internationalization vigorously. True globalization marks the beginning of a new economic era of growth and...