Answer to Question #279032 in Accounting for siri

Question

In your own words, explain how you will use the Core Adjacency framework to identify the growth strategy for a business. Choose any business and identify 3 growth strategies for it using the core adjacency framework.

Answer 1

The business will be a technology company selling a variety of pones.

The three growth strategies that I will use according to Core Adjacency Framework strategies are as follows:

Market development

• This means increasing sales of existing products or services on previously unexplored markets. Market expansion involves an analysis of the way in which a company's existing offer can be sold on new markets, or how to grow the existing market. This can be accomplished by different customer segments ; industrial buyers for a good that was previously sold only to the households; New areas or regions about of the country ; Foreign markets

Product development

• The objective is to launch new products or services on existing markets. Product development may be used to extend the offer proposed to current customers with the aim of increasing their turnover. These products may be obtained by: Investment in research and development of additional products; Acquisition of rights to produce someone else's product; Buying in the product and "branding" it; Joint development with ownership of another company who need access to the firm's distribution channels or brands.

Market penetration

• The aim of this strategy is to increase sales of existing products or services on existing markets, and thus to increase your market share. This will be achieved by attracting customers away from our competitors and/or make sure that our own customers buy our existing products or services more often. This can be accomplished by a price decrease, an increase in promotion and distribution support; the acquisition of a rival in the same market or modest product refinements.