Join Anil Gupta for an in-depth discussion in this video Identifying high-potential opportunities, part of Designing Growth Strategies.
- Take the case of Starbucks around the year 2000.…The company has been around for over 15 years.…It is growing and doing well, yet,…Starbucks places relentless pressure to keep growing.…Shareholders demand it; managers expect it.…Hypothetically, Starbucks could consider entering…any industry or segment which would be new to it.…
Such as internet search, or smartphones,…or pharmaceuticals, or what about telecom equipment?…Obviously, such thinking would be…ludicrous and a waste of time.…Any company that diversifies into a business…that it knows little about is goading disaster.…How then should Starbucks identify…a set of the more promising growth…opportunities rapidly and logically?…In answering this question, a two-dimensional…framework can be extremely helpful.…
The central idea behind this framework is…that in pursuing new growth opportunities,…the company should build on its historical strengths…while also stretching itself into new marketplaces.…Let the x-axis represent the company's…current products and services.…
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- Recognize the problems a company may encounter if it does not achieve growth.
- Identify high-potential opportunities for growth.
- Identify new customers for existing products.
- Use assessment screens to choose the best opportunity.
- Evaluate partnerships and acquisitions as mechanisms to fuel growth.
- Break down the components of an effective and growth-minded leadership team.