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What is internal growth?
when a business grow organically and gradually through innovation and attracting new customers
What is external growth?
when a business grows inorganically through joining with or taking over another business
What is innovation and how can it help a business grow?
new production methods/new ideas - attracts new customers
What is R&D and how can it help a business grow?
research and development - investments can be made
What is technology and how can it help a business grow?
e-commerce - cheaper in long term, less staff required
advantages of growing internally?
business can return company culture/higher production = benefit from economies of scale + lower costs/ cheaper than merger/known buis model
disadvantages of growing internally?
risk in taking employees + opening new stores/ long period beteen investment + its return/ growth limited
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Flashcard (21)