Question
There are several alternative growth strategies a company can use to escape stagnation. These include market penetration, market development, product development, and diversification. Market penetration involves increasing market share in existing markets, while market development involves entering new markets with existing products. Product development involves creating new products for existing markets, and diversification involves entering new markets with new products. Additionally, companies can also consider strategies like mergers and acquisitions, strategic partnerships, and cost-cutting measures to improve profitability and stimulate growth.
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Has your company's growth stagnated and reached a plateau? Download the presentation template to test, execute, and share new growth strategies across your entire team. Companies can use different growth strategies to escape stagnation, but execs also need tools to communicate the timeframe of a strategy, decide which growth areas to prioritize, or assess the organization's current capabilities and if they're enough for the next growth challenge.
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