growth-strategy

Vocabulary Word

Definition

Growth-strategy is a plan or approach designed to achieve growth in a business, project, or other endeavor. Like a bakery deciding to add delivery service to reach more customers.

Examples in Different Contexts

For tech companies, a 'growth strategy' often means innovation and technology adoption. A CEO might assert, 'Our growth strategy involves investing in AI to create cutting-edge products.'

Practice Scenarios

Business

Scenario:

We need to outpace our competitors next year. Do we consider expanding our product portfolio or entering new markets?

Response:

We should focus on our core product. Let's allocate additional R&D budget for its improvement as our growth strategy.

Startup

Scenario:

Our user retention rates are slipping. Is it time to rethink our platform's value proposition?

Response:

Absolutely, our growth strategy needs a fresh look at the value proposition to boost user retention.