expansion-planning

Vocabulary Word

Definition

With 'expansion-planning,' you are organizing how you want your business or project to grow. It’s like planning a home addition – you're figuring out the best and efficient way to add onto what's already there.

Examples in Different Contexts

In retail, 'expansion planning' includes identifying new store locations, market research, and supply chain adjustments. A retail manager might comment, 'Effective expansion planning ensures that we understand the demographics and demand of each new location before we proceed.'

Practice Scenarios

Aerospace

Scenario:

While our commercial aircrafts have been a huge success, there’s certainly potential in the transportation and cargo sector. What are your thoughts?

Response:

Yes, with the increasing demand for fast and reliable shipping, it should be a part of our expansion planning to venture into cargo aircraft manufacturing.

Tech

Scenario:

Our app has been consistently performing well on Android and iOS. Could it be prudent to explore other platforms to extend our user base?

Response:

Indeed, with the high traction we currently enjoy, expansion planning towards other platforms like Wearable or Smart Home devices would be a smart move.