How many types of growth strategies can a company pursue?

Businesses can pursue several types of growth strategies, often in combination.

Common types of growth strategies:

• Market Penetration: Sell more of current offerings to existing customers

• Market Development: Enter new regions or customer segments

• Product Development: Innovate or improve existing products

• Diversification: Offer new products to new markets (related or unrelated)

• Acquisitions: Buy competitors or complementary businesses

• Joint Ventures/Alliances: Partner for mutual expansion

Choosing the right strategy depends on:

• Business maturity

• Risk tolerance

• Industry trends

• Available resources

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