Growth strategies are plans that businesses use to expand their operations and increase revenue. These strategies can include market penetration, where a company aims to sell more of its existing products to current customers, or market development, which involves reaching new customers in different markets. Another common approach is product development, where businesses create new products to attract existing customers. Additionally, diversification allows companies to enter new markets with new products, reducing risk by spreading their investments. Each strategy has its own advantages and challenges, and businesses often choose a combination to achieve their growth objectives.