Your strategic options

Defend market share

For many businesses, defending market share is a critical strategy for the year ahead. This strategic objective can be achieved in a number of ways, from increased marketing, such as sales promotions, to competitive pricing strategies.

Grow the business (market penetration /new markets)

In your analysis you may have identified markets that show good growth potential. You can grow by increasing sales to your existing customers, attracting new ones, creating new products and services to capture new markets and improving distribution channels.
 

Product / service innovation

Develop and innovate new product offerings to replace existing ones, and then market them to your existing customers. Many companies make improvements to their service offerings; but few succeed in creating innovations that generate or reshape markets.

Moving into different sectors /diversify

Sometimes selling part or all of a business may be the most cost-effective strategy, depending on declining markets to the need to raise capital. Other businesses need to target completely new markets and seek a new set of customers.