When a business expands from within, e.g. by expanding its product range, increasing the number of its business units or adding new locations
Internal (organic) growth
Occurs when a business decides to expand its own activities by launching new products and/or entering new markets
Businesses do this in order to improve their chances of increasing their customers, revenues and profits
Research and development
Work directed towards the innovation, introduction and improvement of products and processes
Business example
An established soft drinks brand or manufacturer might start off selling one cola product, then later expand its product portfolio with new drinks like vanilla cola, cherry cola, lemon cola and sugar-free cola
Business growth is important as it enables businesses to increase the scale of their operation and competitiveness
Business growth may be done either internally (organically) or externally (inorganically)
