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

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.

Business

Scenario:

Considering the rapid growth of our organization, we need to think about our next steps wisely. What's your take on developing our presence in other regions?

Response:

I agree that we've outgrown our current scenario. It's high time we start expansion planning for market penetration in other regions.