Question

Mirage Inc., a management consulting firm, plans to increase its profits by expanding its services to target new customers. It wants to hire more employees to maintain the quality of its services and hence launches an intense recruitment drive. It also collaborates with colleges to tap potential employees. In the given scenario, Mirage Inc. is implementing a_______________________________

Answer 1

In the given scenario, Mirage Inc. is implementing a growth strategy.

Explanation:

A growth strategy is an action followed in an industry or an organization to develop the business and achieve larger share of the market. The growth strategy is implemented by the company based on the following factors: target market, finances and the industry they occupy.

The company expands its services by targeting new customers which in turn increases its profit. Generally these types of companies hire more employees to increase their productivity and improve their quality.