Part 2

Question 1

(Steps) Growth Strategies

Answer 1

Step 1: Determine Goals/Objectives for Growth

Step 2: Determine the Appropriate Growth Strategy

• Increase Sales
• Increase Distribution Channels
• Increase Product Line
• Invest in a Major Marketing Campaign
• Diversify Products and Services
• Acquire a Competitor
• Acquire a Company in another Industry

Question 2

(Steps) Starting a New Business

Answer 2

Step 1: Investigate the Market
Determine if it is Good Business Sense to Enter

Step 2: Analyze the Company

• Management
• Market and Strategic Plans
• Distribution Channels
• Products
• Customers
• Financing

Question 3

(Steps) Competitive Response

Answer 3

Step 1: Investigate the Situation

• How does the competitor’s products differ from ours
• What has the competitor done differently
• Have any other competitors gained Market Share

Step 2: Determine the Appropriate Response Action

• Acquire a Competitor
• Merge with a Competitor
• Copy the Cometitor
• Hire the Competitor’s Top Management
• Increase our Profile through Marketing and PR Campaigns