Effective Growth Strategies for Bargain Bucket and Understanding Macroeconomic Principles

Economics exam

Contents
QUESTION 1..................................................................................................................................1
QUESTION 2 ..................................................................................................3
QUESTION 3................................................................................................5

QUESTION 1
A growth strategy is a deliberate plan or a roadmap for an organisation to overcome current
and future challenges to meet its goals and objectives. Goal strategies enable a firm to
continuously working towards achieving its goals and objectives. Tactics of growth help to boost
the credibility of an organisation. A good growth strategy helps an organisation to increase its
Brand value and create a strong image among customers. It keeps both leaders and employees
focused and enable them to think for long term (Growth strategies for small business, 2022).
Growth strategies for Bargain Bucket is explained with the help of Ansoff matrix which is
effective framework to identify opportunities related to expand revenue and tapping in new
markets. The growth strategies in context to Bargain Bucket are as follows:
 Market Penetration: Market Penetration deals with the increment of sales of existing
products into existing markets, as they are less risky, in relative terms. By using the
strategy, managers of Bargain Bucket can expand by offering their customers some ever
resisting discounts in order to increase their sales.
 Market Development: Market development focuses on selling existing products into
new market, which involve lesser risk, catering the needs of different customer segments.
Through the strategy, Bargain Bucket can expand by opening new outlets in regards to
reach more & more customers, its accessibility to its regular buyers should be increasing,
for better sales.
 Product Development: Its focus lies with the introduction of new products to an existing
market, which will bring more brand loyalty of its customers towards the organisation.
By using the strategy, Bargain Bucket can expand by involving more clothing styles
according to different sizes & shapes which can increase their range of availability
keeping in mind the needs or requirement of different customers.
 Diversification: Concept of diversification involves the arrival of new products into a
whole new market. Along with new styles, Bargain Bucket should involve different
categories and designs to please its regular customers as well as attracting the new ones.
Additionally, the company with the strategy can make their products more accessible and
price ranges more affordable to its customers in order to expand its exposure.
From the above strategies, market penetration strategy is effective growth strategy for
Bargain Bucket for expansion. The strategy will enable the organisation to know size of the
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