On the other hand, Growth orientation strategies are those which aim at the overall growth of the company, such as the wealth maximization, increase in revenue, profit maximization, market growth (increase in customers), etc. It requires the assistance of all various strategies that may be adopted by a company. A company to flourish in the market needs to serve its customers better, provide product or service of good quality, look for diversifications if required, and at the same time focus on increasing its revenue by increasing sales. Innovation orientation also helps in growth strategies as new and innovative ideas are adopted by the company to reach its customers. It includes technological innovations which reduce the cost of the organization with increase in effectivity and efficiency. Finance orientation seeks for the profitability of the company. How the capital structure of the company can be channelized to fund the expenditure required by the company at the least cost of the company. The investment decisions are made with the help of financial orientation strategies of the company. On the other hand, product orientation is one of the most important practices which are internally focused rather than market oriented. The company which uses this type of philosophy aims at playing at its own strength in the market place.
They provide the best service with their capabilities but do not look at the market’s wants or needs. Product oriented companies focus on giving their best to the customer by channelizing their methods of production. Production of goods on their strengths reflects their best possible production. But these companies ignore the fact that market needs are also to be supervised and looked after. If their products have no market, what are they going to do with those products? Thence, strategies must be a blending of sales, products and market oriented. Growth orientation on the other hand leads the company to a higher level. With the increased sales and production level, they achieve high targets and ensure growth for the firm. But many a time, the company loses its stability. Barnes & Noble Inc. is a retail business model. It focuses on sales orientation strategies. They offer great deals to their customers. Acknowledge their needs, tastes and preferences and provide services, like low pricing, free shipping, free Wi-Fi connections at retail outlets, wide range of books, etc. to attract readers.