Ch 14 - CHAPTER 14 STRATEGIES FOR FIRM GROWTH INTERNAL...

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CHAPTER 14 STRATEGIES FOR FIRM GROWTH INTERNAL GROWTH STRATEGIES (“organic growth”) - New product development involves the creation and sale of new products (or services) as a means of increasing firm revenues. (Its competencies, expertise, business practices, employees, etc) 1. New product development, 2. Other product-related strategies, and 3. International expansion 1. New Product Development - the creation and sale of new products (or services) as a means of increasing firm revenues In many fast-paced industries, new product development is a competitive necessity. (i.e., firms must always have new products in their pipelines) The process of effective new product and service development Find a need and fill it Develop products that add value Get quality right and pricing right Focus on a specific target market Conduct ongoing feasibility analysis 2. Other Product Related Strategies - a. 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 b. Increasing the Market Penetration of an Existing Product or Service - seek to increase the sales of a product or service through greater marketing efforts or through increased
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Ch 14 - CHAPTER 14 STRATEGIES FOR FIRM GROWTH INTERNAL...

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