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what is strategic planning?

A long term view of where the business is going and how it will get there, typically over the next two to five years. Businesses need to engage in this to remain competitive and continue to grow


what is domestic expansion?

expansion in the nation of origin


what is global expansion?

expansion outside the country of origin


what are some examples of expansion strategies?

niche markets, innovation, research and development, new and emerging technologies


what are some examples of modes of entry?

importing and exporting, international agents, licensing, strategic alliances, outsourcing and offshoring


what are some examples of human resources strategies?

employer of choice, work-life balance, fostering intrepreneurship, workplace diversity, inclusive workplaces and leadership styles


what are some examples of financing options

private equity, going public, money in capital markets, dividends and government grants


what are the side effects of a business reaching maturity?

the revenue plateaus, the revenue could even start to decline with competition and sales may decrease


what is a business strategy?

the means by which a business sets out to achieve its goals and objectives


what is a growth strategy?

a specific strategy affecting new or existing products and markets, designed to increase market share of a business


what is vertical growth?

the adaption of a business products and services to increase revenue from the existing market


what is horizontal growth?

the replication or expansion of a business product, service or model into new markets


what is the Ansoff matrix?

a strategic planning tool which is used to help a business identify opportunities to grow its revenue


what are the four main areas of the growth stage?

market penetration, market development, product development and diversification


what is market penetration?

existing products in the existing market


what is market development

existing products in a new market


what is product development

new product in an existing market


what is diversification

new market with new product