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Chapter 14 Notes - Chapter 14 Strategies for Firm Growth...

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Chapter 14 Strategies for Firm Growth Highlighted Notes are on Exam 3 Study Guide I. Internal Growth Strategies: Internal Growth Strategies (“organic growth”) - are efforts generated within the firm itself, such as new product development, other product-related strategies, and international expansion. The business relies on its own competencies, expertise, business practices, and employees. 1. New Product Development – is 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 should always have new products in their pipelines) The process of effective new product and service development: 1) Find a need and fill it 2) Develop products that add value 3) Get quality right and pricing right 4) Focus on a specific target market 5) Conduct ongoing feasibility analysis 2. Other Product-Related Strategies: 1) Improving an Existing Product or Service – is enhancing quality, making it larger or smaller, making it more convenient to use, improving its durability or making it more up to date. 2) Increasing the Market Penetration of an Existing Product or Service – is seek to increase the sales of a product or service through greater marketing efforts or through increased production capacity and efficiency.
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