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

In creative industries, 'growth strategy' could mean exploring new artistic mediums or markets. An art director might say, 'Our growth strategy includes launching online art galleries to reach a global audience.'

Practice Scenarios

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.

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.