Possible Ways That Chocoholics PLC Can Grow

Satisfactory Essays
Possible Ways That Chocoholics PLC Can Grow From section two Chocoholics PLC can think about expanding internally. This is normally cheaper and safe. The different methods that could be used are as follows: Chocoholics PLC could open new branches and then they will have to employ more staff. They could also move to bigger premises, or sell more products. Another way of expanding internally could be by using Matrix's theory. Chocoholics PLC could keep their existing product in their existing market, or put their existing product in a new market. It could also be the other way around. A new product could be produced that could be put in the existing market, or it could be put in a new market. The safest one is to put an existing product in a new market, there is minimum risk. The riskiest is to develop a new product and put it in a new market. From section three if Chocoholics PLC wanted to expand externally they could merge with another company in the same profession, they could take over a smaller company with a good reputation and one that is well known. They could also go for an acquisition and joint venture. Chocoholics PLC could use Matrix's idea of expansion. They could keep on selling their existing product in the existing market. But a more disciplined approach should be taken. The product must be promoted and special offers should be provided, so more products get sold. This is the way that Chocoholics PLC could sell more products. An existing product could also be placed in a new market. New research would have to be carried out. Depending on whether the new market will be based in the U.K or worldwide. There are a number of different options to be considered. Chocoholics PLC could go into a joint venture with a company that is already set up in the new market. There is less risk. Chocoholics PLC could also open their own branches, but this could prove to be a big risk because they might not have enough
Get Access