Alternatives for Business Growth There are various business alternatives available to Target Company for growth. These can be discussed as below: Innovation: The Company should invest its efforts in innovative strategies to ensure more growth of its
business across the world. For example, by differentiating in product offerings, company can increase its sales and revenues that are vital for business growth in future. Market Development: Company should also explore new and promising markets for its business growth. It will help it to capitalize the global opportunities offered by these growing markets (Strategic Management Assignment Help). For example, economic conditions of Asian countries are growing at pace, so Target Company has the option to open its stores in these global marketplace. Diversification: Company can also adopt diversification strategy as an alternative for business growth. In this, company can choose new product in new market. It will also assist the company to grab new customer base with new expectations.
Best Value Discipline Under best value discipline, value of money is given to the customers either by offering average products at below average prices or above average products at average pricing (business strategy assignment help). Target Company can adopt second option by offering its above average products at average pricing through using its capabilities and skills. By doing so, the company could offer high quality products at low price to customers that are offered at high price by the rival firms in the same segment.
Generic Strategy There are mainly three forms of generic strategies that are cost leadership, differentiation and focus strategy (lower cost/differentiation). Cost leadership is not applicable, as company is already giving more on less to the customers (corporate strategy assignment help). The company can also choose focus strategy either by focusing over lower cost or differentiation in one area. Out of these strategies, focus differentiation would be the best strategy. It is so, as by making focus differentiation in one narrow segment like niche market, the company could expand its business in the global marketplace. It will help in increasing the growth of Target Company business.
Grand Strategy There are four grand strategies that are stability, expansion, retrenchment and combinations strategy. By considering the available alternatives for business growth of Target Company, following grand strategy would be best: Combination strategy: Under this strategy, mix of two or more grand strategies is followed to attain the growth of business in the market. For Target Company, combination of stability and expansion strategies would be best (Target Pricing Assignment Help). It is so, as these strategies will not only help the company to expand their customer groups, but also expand their business.
Recommendation On the basis of above discussion and analysis of available strategies, Target Company is recommended to use combination strategies of business growth. So, the company should go for these strategies to ensure its business growth: Best Value Strategy: Target Company should offer its health & beauty products to female customers at some discounted rate and include coupons on specific purchasing to customers. It is so, as this particular target market is price sensitive. The company can use this strategy in counties, where customer diversity is at high extent like in Asian countries India, China etc. It will develop a sense of being valued by the customers and they will show interest in availing the services from the company. For example, company should offer mid range products to the diversified customers of Asian countries (Marketing Strategy Assignment Help). For this, company must also improve upon its resources as well as capabilities to produce mid range products. Focus Differentiation: Company should also adopt focus differentiation by adopting niche market for its entertainment and women segments. Under this strategy, company should give special attention in widening its customer range from youngsters to middle age for entertainment options. Along with this, for health & beauty segment, company should offer more options to women for improving their health and beauty. Like, there are only few firms that provide special care to pregnant women for footwear. So, company should add maternity sleepers for women to ensure their comfort during maternity periods. Combination Strategy: Under this strategy, company should augment its health and beauty segment to offer wider variety of these products to customers. This will be stability strategy for the company. Along with this, company should also expand its stores in Asian markets to grab new customer markets that are more profitable. It will help Target Company to achieve its goal of business growth successfully.