Does Virgin Group need a growth strategy if yes what is it if not do Essay

Does Virgin Group need a growth strategy if yes what is it if not do you find it odd justify your answer - Essay Example Product development strategy involves the creation of completely or slightly dissimilar products from the existing products. The new product contains added benefits and satisfies the customer’s new desires caused by changing trends (Grant, 2013). Diversification strategy is primarily used in businesses despite being a highly risky operation. Diversification encompasses introduction of a new product to a completely new environment or market. Needless to say, diversification does not guarantee success to a new business venture and this makes a business that adopts it vulnerable to losses. On the other hand, market penetration strategy involves marketing the same product in the same market with the ambition of attaining more market shares. This is primarily done by lowering the prices of the products (Grant, 2013). Notably, acquisition is a new growth strategy in which the business buys another company so as to develop its activities and operations. Market development growth strategy involves enlarging the market to which the goods or services are to be purchased. In essence, it expands the overall market for a particular product, service or a business. This requires an organization to lay down comprehensive and diverse procedures in order to expand its market. Conversely, an organization can try venturing into new sectors of the market, which, in turn, broadens the markets served by the company products or services. Additionally, this strategy also entails entering more than one segment of the market. The more the number of segments a business ventures the greater its market is expanded (Grant, 2013). An organization can correspondingly convert the potential customers to active customers by adding value or flavour to their products and services. Potential customers are the customers’ who can purchase the product, but do not purchase it because of unknown reasons. Changing the non-users to users expands