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Business Growth Plan

In: Business and Management

Submitted By missaerin
Words 2618
Pages 11
4.0 BUSINESS GROWTH STRATEGY 4.1 How and Why Vida Beauty Adopt This Growth Strategy
First of all, growth strategy refers to an organization substantially broadens the scope of one or more of its business in terms of their respective customer group, customer functions and alternative technologies to improve its overall performance. Then, in developing growth strategies for growth firm there are two strategies which is internal growth strategy and external growth strategy. Internal strategy involves efforts taken within the firm itself. Then, for perform internal strategy they need to create new product development, other product related strategy and international expansion with the purpose of increasing sales revenue and profitability. External strategy is relying on establishing relationships with third parties such as mergers, acquisitions, strategic alliances, joint ventures, licensing and franchising. In our opinion, Vida Beauty use internal strategy to make sure that the companies become a growth firm and expansion.
In internal growth strategies the distinctive attributes of internally generated growth is that a business relies on its competencies, expertise and the employee also. In addition, internally also called as “organic growth” because it does not rely on outside intervention. Organic growth is growth that comes from a company’s existing business as opposed to growth that comes from buying new business. Besides that, it also the process of business expansion due to increased output and sales. So, Vida Beauty using this strategy to make her firm sustain and then be a growth company using a few steps that provided in the internal strategy. In internal growth strategies relate to the following actions:- i. Designing and developing new products/services ii. Building on existing products/services for new opportunities iii. Increase sales of...

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