ENTR 20000 Chapter Notes - Chapter 14: Uptodate
14 Apr 2019
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Internal growth strategies-involve efforts taken within the firm itself. New product development-involves designing, producing, and selling new products or services as a means of increasing firms" revenues and profitability. Customers saw the product as too expensive. Product was no different than the competitor"s. Costs of developing the product line were too high. Improving an existing product or service-enhancing quality, making it larger or smaller, making it more convenient to use, improving its durability, or making it more up-to-date. Market penetration strategy-involves actions taken to increase the sales of a product or service through greater marketing efforts or through increased production capacity and efficiency. Outsourcing-work that is done for a company by people other than the company"s full-time employees. Product line extension strategy-involves making additional versions of a product so that is will appeal to different clientele or making related products to sell to same clientele. Establishing the legitimacy of the business concept in the expansion locations.
