Intensive growth strategies are business plans meant to increase a company’s business performance while incurring the least amount of work and risk. They include market penetration, product creation, and market expansion tactics.
Strategies for market penetration are a fundamental component of any plan for rapid expansion. Businesses seek to enhance the appeal of their existing products. This could be accomplished by offering value packs, such as selling a six-pack of socks instead of a single pair, or by providing an alternative purpose for a product. Product development is another prominent strategy employed by intensive growth methods. It requires the development of new products for the target market. Developing a new process entails greater risk, but if successful, delivers bigger rewards.
Integration of the present company with other enterprises is an alternate growth strategy. For example, firms can improve their business performance by acquiring rival companies with significant potential. Acquisitions help the parent company to expand rapidly. Purchasing suppliers is another method used by organisations to better control their supply chain. Companies can also buy distribution companies. This allows them not only to better place their items on the market, but also to hinder the expansion of their competitors.
