The goal of every business is to grow and be productive. A particular point comes in the product and company’s life when the industry stops growing. The management expands their business into other areas. Diversification is also about expansion and growth. What is Diversification Strategy? Diversification strategy is when a business or a company proceed with the growth and development …
We live in a world of professionalism, niche, and target marketing. Any general business can’t become successful and satisfy the needs of customers if it’s offering everything. It is because you can’t be perfect in every field. Therefore, a business or a company has to choose one area and excel in it. Today, we’re going to discuss the same thing …
Businesses and companies use different methods and techniques to stabilize their earnings. It’s also one of their goals is to grow their business and become more prosperous. They call it expansion. Today, we’ll discuss business expansion strategy and its different types in detail with examples. What is an Expansion Strategy? A business or a company follows the expansion strategy when …
We’re living in a time where businesses and companies are developing policies and organizational structures to decide what suit their interest. When a tough time hits the trades, businesses cut down the business’s redundant departments to ensure financial stability and profitability to the company. Today we’ll discuss retrenchment strategy, its meaning, and types with examples. What is Retrenchment Strategy? Retrenchment …
As we know that the world of business is full of competition and competitors. Businesses and companies always look for new opportunities and ideas to gain a competitive advantage over competitors and win the customers’ market share. Today, we’re going to discuss the concept of making the first move in terms of getting a competitive edge. What is First Mover …
Businesses and companies can’t avoid competitors and competition. It can happen at any time. They would take away your market share and database of customers. Even a small change in market share could greatly impact small businesses. Therefore, businesses should follow the defensive strategy to defend their market share. What is Defensive Strategy? A defensive strategy is a marketing tool …
It doesn’t matter whatever your field of business is, there would always be competitors. A very few companies have the advantage of monopoly. As a business person and a marketer, your plan is always to have a competitive advantage. Today, we’ll discuss offensive strategy, its types, and example. What is Offensive Strategy? An offensive strategy is when a business takes …
A business may look like a “simple” thing, but the ground realities are always different. As a customer, you always get the final product, and you just pay for it; that’s it. But, do you ever wonder, is it that simple to make a great product? Well, the answer is NO. Let’s take the simplest example, the smartphones. Now, you …
Brick and mortar business model has ruled the world for a very long time. In fact, it is still a very common business model all over the globe. However, things started changing when the online or eCommerce business model started evolving. The online business model gained considerable importance during the 1990s. At the dawn of the 21st century, online business …
In the manufacturing industry, the concept of ‘product’ once meant that all the processes would take place under a single company’s banner. This process had a lot of advantages as it reduced the manufacturing cost and reliance on others. But over time, the manufacturing concept has undergone multiple changes adding to the benefit of the multinational organizations. Today, the product …
