Topic > Corporate-Level Strategic Planning - 935

A company must identify its strengths and weaknesses to develop growth. Products being scaled are more important than newly developed products. A company must be able to identify where weak markets are. Times change and so do products. The least profitable or simply aged products are those that need to be scaled down to make room for a different and more innovative market. When developing growth strategies a company must use the product/market expansion grid. Firstly the company must understand whether it can have better market penetration, secondly it must consider researching market possibilities for current products. Third, they need to transform their products into innovative products that people can't do without. Finally, they need to be diverse in their company, so expanding and including different company features might attract more attention from different people