BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Internal growth strategy focus on developing new products, increasing efficiency, hiring the right people, better marketing etc. Internal growth strategy can take place either by expansion, diversification and modernisation.

Detailed explanation-2: -Diversification is a growth strategy that involves entering into a new market or industry-one that your business doesn’t currently operate in-while also creating a new product for that new market.

Detailed explanation-3: -Diversification efforts may be either internal or external. Internal diversification occurs when a firm enters a different, but usually related, line of business by developing the new line of business itself. Internal diversification frequently involves expanding a firm’s product or market base.

Detailed explanation-4: -Internal growth strategy is all about using existing resources in the most purposeful way possible. An example of internal growth could be cutting wasteful spending and running a leaner operation by automating some of its functions instead of hiring more employees.

Detailed explanation-5: -One of the most prominent examples of diversification strategy is General Electric. Originally, the company was focused on electrical goods. However, over the years they have acquired and created operations in the aeronautic, rail, power plant, gas, and kitchen appliances industries.