WHY GROWTH STRATEGY IS IMPORTANT IN BUSINESS ?
What is the meaning of growth strategy ? A growth strategy is a plan for how a business will increase its revenue and market share over time. The main objective of a growth strategy is to expand the company's customer base and increase sales of its existing products or services. This can be achieved through various means such as increasing market share by reaching out to new customers and retaining existing ones, expanding the business through new product lines or services, entering new markets, increasing production and improving operational efficiency, and acquiring or merging with other companies to quickly expand the company's market reach or gain access to new resources and capabilities. A growth strategy is important for a company because it helps them to achieve sustainable success, increase market share and outcompete rivals. This can be done by finding the right customers, delivering the right products or services, and pricing them appropriately, allowing the company...