Seema Sabbarwal



2.0       Introduction

2.1       Objectives

2.2       Meaning of growth strategy

2.3       Types of growth strategies

2.3.1    Intensive Growth strategy

2.3.2    Diversification

2.3.3    Modernization

2.3.4    Merger

2.3.5    Joint Venture

2.4       Crisis in Business Growth

2.5       Summary

2.6       Glossary

2.7       Self Assessment Questions

2.8       Further Readings


2.0   Introduction 

In the earlier unit we discussed the meaning of growth and understood its necessity for the survival and success of business. In this lesson we shall discuss the various growth strategies available for a business firms. Also we shall do a comparison of the various strategies.


2.1  Objectives 

After going through the lesson you should be able to:

·         Explain the meaning of growth strategy

·         Identify the alternative strategies available for growth

·         Discuss the pros and cons of different strategies

·         Identify the crisis of business growth


2.2  Meaning of Growth Strategy   

The concept of strategy has been derived from military administration wherein it implies ‘Grand’ military plan designed to defeat the enemy. As applied to business, strategy is a firm’s planned course of action to fight competition and to increase its market share. The term strategy means a well planned, deliberate and overall course of action to achieve specific objectives. According to chandler, “strategy is the determination of the basic long term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary to carry out these objectives”. 

‘Growth Strategy’ refers to a strategic plan formulated and implemented for expanding firm’s business. For smaller businesses, strategic plans are especially important because these businesses are extremely at risk to the smallest changes in the marketplace. Changes in customers, new moves by   competitors, or changes in the overall business environment can directly affect their cash flow in a very short span of time. Negative effect on cash flow, if not estimated and adjusted for, can force them to shut down. That is why they need to plan for the future. Small entrepreneurs generally believe that strategic planning is for large business houses; in reality it is very crucial for small and medium enterprises. Strategic Planning is a process that involves change. It provides a proper direction to the business. Strategic planning is essential to take care of the additional efforts and resources required for faster growth. 

Different type of growth strategies are available each having its own advantages and disadvantages. A firm can adopt different strategies at different points of time. All firms need to develop their own growth strategy according to their own characteristics and environment.


 2.3  Types of  growth strategies 

Given below is a list of the main growth strategies available to firms:

1.                  Intensive Growth Strategy (Expansion)

2.                  Diversification

3.                  Modernization

4.                  External Growth Strategy

(a)                Mergers

(b)               Joint Ventures


 2.3.1 Intensive Growth Strategy   

Intensive growth strategy or expansion involves increasing the sales revenue, profit and market share of the existing product line or services.The firm slowly but regularly expands its production and so it is called internal growth strategy. The firms with smaller share of the market can use this strategy in an effective manner. Three alternative strategies are available for expansion. These are:


(a)                Market Penetration – Under this strategy the firm aims at increasing the sale of present product in the existing market through aggressive promotion. The firm penetrates deeper into the market to capture a larger share of the market. For example, promoting the idea of cold coffee during the summer season, the idea of instant coffee, instant tea and tea bags.

(b)               Market Development – It implies increasing sales by selling present products in the new and unexplored markets. For example selling electronic goods in rural areas or sale of chocolates to middle aged and old persons. Market development leads to increase in sale of existing products in unexplained markets.

(c)        Product Development: In this, the firm tries to grow by developing improved products for the present market. For example, Air conditioner with remote control, Refrigerator with automatic defrost and flexible shelves.


Advantages of Intensive Growth  Strategy

(1)        Growth can be handled easily as it is natural and gradual.

(2)        Firm's own funds can be used to finance expansion

(3)        Organisation structure and management systems of business do not require any major changes.

(4)        Better utilisation of existing resources becomes possible.

(5)        Expansion provides economics of large-scale operations.

(6)        The expanding firm can better face competition in the market.


Limitations of Intensive Growth  Strategy

(1)        Growth is slow and therefore takes time.

(2)        It is not always possible to grow in the present product market.

(3)        A business firm may not be able to exploit many business opportunities by confining its operations to the existing products and markets.


Practical Problems of Intensive Growth  Strategy

When small business firms attempt to expand they have to face many problems. Some of these problems are given below:


(i)         Scarcity of Funds: For expansion a firm needs to invest more in both fixed assets and current assets. Funds for fixed capital and working capital are not easily available. Many a times a small firm has to borrow funds at high rates of interest.

(ii)        Marketing: Expansion is possible and profitable only when the increased output can be sold at remunerative prices. Small-scale units face difficulties in selling and distributing their products as a result of competition from large-scale units.

(iii)       Technology: For expansion, sometimes it is necessary to improve technology and replace plant and machinery. Modernization of technology is a time-consuming and expensive process. It becomes essential to recruit new staff or retrain the existing staff in the use and operation of new technology.

(iv)       Risk: Expansion involves additional risk. Few small-scale firms have the ability or will-power to assume these risks particularly where the competition is acute and raw materials have to be imported. Many small-scale owners continue to operate at the existing scale due to the risks and difficulties involved in expansion.


Check your progress - 1


Match the following

1.                  Expanding the sale of chocolate by including old persons to children.

2.                  Hindustan Lever expanding the sale of detergent powder in rural area

3.                  ‘Colgate’ expanding the sale by introducing ‘Colgate-salt active’

Product Development


Market Penetration


Market Development




Activity A

 List the limitations involved in expansion






2.3.2    Diversification


Beyond a certain point, it is no longer possible for a firm to expand in the basic product market. So the firm seeks to increase sales by developing new products. This strategy towards growth is called diversification.  Diversification does not simply involve adding variety in the existing product line but adding completely different line of products. Products added may be complementary. Diversification is a widely used strategy for growth. Many companies have opted for diversification as a growth strategy. For example, LIC, an insurance corporation originally, diversified into mutual funds. State Bank of India diversified into merchant banking and mutual funds. Similarly, Larsen and Toubro, an engineering company diversified into cement.


Table 1:  Product-Market Matrix and Growth Strategy






Market Penetration (Penetrate existing markets with existing products)

Product development (Introduce new products in existing markets)


Market Development (Enter new markets with existing Products)


(Introduce new products in new markets)

Source: H.Igor Ansoff, Corporate Strategy (New york: McGraw-Hill, 1965), p.51


A firm may choose to grow by using diversification strategy under the following conditions:

(a)        When the firm cannot attain its growth target by expansion alone.

(b)        When diversification promises greater profitability than expansion.

(c)        When the financial resources of the firm are much in excess of the requirements of expansion.


The distinction between intensive growth strategy and diversification strategy must be carefully noted. In the case of intensive growth, the firm increases the production and sale of its existing products. But in case of diversification, new products and new markets are added.


Advantages of Diversification

Companies have increasingly adopted diversification strategy due to the following reasons:

(i)                 Diversification enables an enterprise to make better utilization of its existing resources. By adding up related products to its existing product portfolio, a company can more effectively utilise its managerial personnel, marketing network, research and development facilities, etc.

(ii)               With more products, greater resources and higher profits, the diversified firm is more competitive than a single product firm.

(iii)             A company can use diversification strategy to minimize the decrease in sales of its present product. By developing new products the sales revenue and earnings can be maintained or even increased. For example, Bajaj Scooters India Ltd. entered in the field of mopeds.

(iv)             A well-diversified company can use cash surplus of one business to finance another business having good potential for growth.

(v)               Diversification adds to size of business which improves the competitiveness of a firm. It offers a lot of economy in operations because common facilities can be used for several products. In other words, diversification can be used to capitalise on corporate strengths or to minimise weaknesses.

(vi)             Diversification helps to minimise risk. When one line of business faces recession, another line may be in high growth stage. For example, a well-diversified engineering firm like Larsen and Toubro did well even when the engineering industry was facing recession.

(vii)      Diversification may be the only means of growth when government regulations have blocked .growth in existing business, for example, multi-nationals like Hindustan Lever Limited diversified in 1977 due to Foreign Exchange Regulations Act. Industrial licensing restricted the capacity of firms in a given product thus forcing them to enter into new lines of business. Also, financial sector reforms prompted Indian companies to diversify into financial services.


Limitations of Diversification

The limitations of diversification are as given below:

(i)         Huge funds are required for diversification. The internal savings of the business may not be sufficient to finance growth through diversification.

(ii)        Diversification may lead to unfamiliar products and markets leading to greater degree of risk.      

(iii)       The tasks and responsibilities of top executives increase because of need to handle new product, technology and markets. They may find problems in coordination which may lead to inefficient operations.

(iv)       Diversification may involve new technology and new markets. The existing staff may experience problems in adapting to this growth pattern.


Types of Diversification:

1.         Vertical Diversification (Integration)

2.         Horizontal Diversification:

            (a) Concentric Diversification and

            (b) Conglomerate Diversification


Vertical Diversification (Integration)

In this type of growth strategy new products or services are added which are complementary to the existing product or service line. New products serve the firm's own needs by either supplying inputs or serve as a customer for its output. It involves moving backward or forward from the present product or service.  Thus vertical integration may be of two types—backward and forward.


Backward integration

It implies moving backword toward the source of raw materials. Firms integrate backwards to produce their own inputs or raw materals. Rather than buying the inputs from outside sources, firms manufacture their own inputs. Reliance Industries Ltd. has achieved remarkable growth through backward integration. It started business with textiles and went for backward integration to produce PFY and PSF, critical raw materials for textiles, then started producing PTA and MEG, raw materials for PFY and PSF, then paraxylene, raw material for PTA and MEG, and finally naphtha for producing paraxylene. Sugar mills having their own sugarcane farms are said to have diversified through backward integation.




 Backward integration offers the following benefits:

(i)         It helps to ensure regular supply of raw materials or components.

(ii)        It improves or ensures quality control over imports for the final product.

(iii)       It facilitates higher return on investment for the company as a whole through better use of overhead facilities.

(iv)       It improves the company's power of negotiation with suppliers on the basis of known costs.

(v)        It saves indirect taxes payable on the purchase of inputs.

(vi)       It improves the competitive power of the company. As it controls more elements of the production process, it has advantages over the unintegrated firms in the form of lower costs, lower prices and lower risks.

 Figure: 1


            Backward integration suffers from the following limitations:

(a)        The firm loses the opportunity of purchasing at a lower cost from technically more efficient suppliers.

(b)        If an existing input producing unit is taken over, it may require technological up gradation which involves considerable investment.

(c)        Heavy investment in the process of backward integration may hamper the development of the final products. This in turn may lead to undue pressure on pricing and sales effort.

(d)       When the divisions using the inputs do not have the freedom of comparing market conditions of supply, the problem of transfer pricing may become acute.

(e)        Changing economic conditions affecting the main product market may cause a magnified effect on the production of inputs.


Forward integration

Forward integration involves the entry of a firm into the business of finishing, distributing or selling its existing products. It refers to moving higher up in the production/distribution process towards the ultimate consumer. It involves entry of the firm into distribution outlets to maintain direct control with their customers. The firm develops outlets for the use/sale of its own products. Rather than selling the product through middlemen firms that diversify through forward integration maintain their own sales outlets. For example, many textile companies like DCM, Bombay Dyeing, Reliance and Raymonds have set up their own retail distribution system to sell their fabrics.                                   



Forward integration offers the following benefits:

(i)         It enables the firm to gain greater control over sales and prices of its products. This is very useful in an oligopolistic market.

(ii)        It improves the scope of quality control because the firm's own retail stores serve as better source of customer feedback.

(iii)       The firm can increase its profits by eliminating middlemen and by reducing the costs of distribution.

(iv)       The firm can secure the economies of integration. Handling and transportation costs can be reduced. 

Figure: 2



Forward integration suffers form the following drawbacks:

(a)                The proportion of fixed costs in the firm’s costs increases. As a result the firm is exposed to greater cyclical changes in earnings. Moreover, the fortunes of business are tied to the in-house distribution system. From this point of view, forward Integration increases business risk.

(b)               Since its processes are interdependent, a slight interruption in one process may dislocate the entire production system.

(c)        In the absence of proper balance between up-stream and down-stream units, the firm has to buy from or sell in the open market. The firm may be competing with its own customers.

(d)       It is very difficult to efficiently manage an integrated firm because every business has its own structure, technology and problems.


Horizontal Diversification

It involves addition of parralel new products to the existing product line.

This may happen internally or externally.

(i) Internal Diversification: firms use their own resources to add new products to their existing line of products. For example, Reliance industries have diversified into areas like textiles, telecommunications, etc. Godrej manufactures steel almirahs, refrigerators and locks through its own resources. This is internal diversification.

(ii) External Diversification: when new products and services are added through mergers and acquisitions, it is known as external diversification. 

Horizontal Diversification can be of two types i.e. concentric diversification and conglomerate diversification 

(a) Concentric Diversification

When a firm enters into some business which is related with its present business in terms of technology, marketing or both, it is called concentric diversification. 

In technology-related concentric diversification new product or service is provided with the help of existing or similar technology. For example, Nestle as added 'Tomato Ketchup' and 'Maggi Noodles' to its range of baby food. In marketing-related concentric diversification, the new product or service is sold through the existing distribution system. For instance, a hire-purchase firm may start providing lease finance for purchase of consumer durables.


Concentric diversification may be employed for the following purposes:

(a)        To counteract cyclical fluctuations in the present products or services;

(b)        To utilise the cash flows generated by the existing product or service;

(c)        To face saturation of demand for present product or service;

(d)       To gain managerial expertise in new field of business; and

(e)        To capitalise on the reputation of present product or service.


(b) Conglomerate Diversification

In this growth strategy a firm enters into business which is unrelated to its existing business both in terms of technology and marketing. Several Indian companies have adopted this strategy. DCM, Essar group, ITC, Godrej, Hyderabad Allwyn, HMT are examples of conglomerate diversification. 

Conglomerate diversification strategy may be adopted for the following reasons:

(i)         To achieve a growth rate higher than what can be realised through expansion;

(ii)        To make better use of financial resources with retained profits exceeding immediate investment needs;

(iii)       To avail of potential opportunities for profitable investment;

(iv)             To achieve distinctive competitive advantage and greater stability;

(v)                           To spread the risks; and

(vi)             To improve the price earning ratio and market price of the company’s shares 

Diversification strategies discussed above can be concised in the following matrix given by “Ansoff”. 

Table 2: Ansoff’s Diversification Matrix





New functions

Related Technology

New Products

Unrelated Technology

Firm is its own customer


Vertical Integration


Same type of product


Horizontal Diversification


Similar type of product

Marketing and Technology related concentric diversification


Marketing related concentric diversification

New type of product

Technology related concentric diversification


Congomerate Diversification

Source: H.Igor Ansoff, Corporate Strategy (New york: McGraw-Hill, 1965), p.132


Check Your Progress - 2


Activity B

Give three examples of companies (other than those given in the previous section) which have pursued Diversification and classify them with respect to the direction of their diversification.





2.3.3    Modernization 

An existing business unit may plan to grow through Modernization of operations. Modernization basically involves upgradation of technology to increase productivity, efficiency and product quality and to reduce wastages and cost of production in the long-run. The worn-out and obsolete machines and equipment are replaced by the modern machines and equipment. Modernization plans can have the following implications:

(i)   A firm may resort to Modernization to maintain its position in the market. Thus, the purpose of Modernization would be stability in operations in the coming years.

(ii)  Modernization may be pursued with full vigour to stimulate internal growth. Thus, it is used as an internal growth strategy.


Advantages of Modernization

The benefits of Modernization are as under:

(i)Modernization increases the productivity and efficiency of the firm.

(ii)It makes available better products to the customers.

(iii)Because of increased efficiency and reduced wastages, the profitability of the firm goes up. Thus, the owners of the business are also benefited.

(iv)The works acquire advanced skills because of which their wages go up.

(v)The competitive position of the firm in the long-run improves because of Modernization.

(vi)The growth is systematic and does not affect the normal functioning of the firm. 

However, a Modernization plan .can be implemented only if the firm has adequate capital through accumulated savings or is able to raise capital from different sources for the acquisition of modern plant and machinery. The benefits of Modernization will actually accrue if the workers are adequately trained in the new method of production. 

Limitations of Modernization

The limitations of Modernization are as follows:

(i)The internal savings of the business may not be sufficient to finance Modernization of plant and machinery.

(ii) The existing staff may experience problems in adapting to the new technology.

(iii)The responsibilities of top executives would increase because of need to handle new product, technology and markets.


2.3.4    Merger 

Merger is an external growth strategy. When different companies combine together into new corporate organizations, such a process is known as mergers. Merger can occur in two ways: (a) Acquisition or takeover and (b) amalgamation. 

Takeover or acquisition takes place when a company offers cash or securities in exchange for the majority shares of another company. It involves one company acquiring control over another. Amalgamation takes place when two or more companies roughly of equal size or strength formally submerge their corporate identities into a single one in a friendly atmosphere. 


The mergers take place with a number of motivations. Some of the benefits of merger are:

(i)   A merger provides economies of large-scale operations.

(ii)   Better utilisation of funds can be made to increase profits.

(iii)   There is possibility of diversification.

(iv)    More efficient use of resources can be made.

(v)    Sick firms can be rehabilitated by merging them with strong and efficient concerns.

(vi)   It is often cheaper to acquire an existing unit than to set up a new one.

(vii)  It is possible to gain quick entry into new lines of business.

(viii) It can provide access to scarce raw materials and distribution network and managerial expertise.



Mergers are not always successful due to the following drawbacks:

(a) The combined enterprise may be unwieldy. Effective co-ordination and control becomes difficult. As a result efficiency and profitability may decline.

(b) Mergers give rise to monopoly and concentration of economic power which often operate against the interest of the society and the country. 

Guidelines for Successful Mergers

Willard Rockwell, based on his experience, has given the following guidelines to make the merger successful:

(i)  Identify the merger objectives, especially economic objectives.

(ii)Specify gains for the shareholders of both the joining companies.

(iii) Be convinced that the acquired company's management is or can be made competent.

(iv)Report the existence of important dovetailing resources; but do not expect perfect compatibility.

(v)Start the process of merger with active involvement of the top executives.

(vi)Define clearly the business that the company is in.

(vii) Analyse and identify the strengths, weaknesses and key performance factors for both the combining units,

(viii)Foresee possible problems and discuss them at the initial stage with the other company so as to create a climate of trust.

(ix)Don't threaten the management to be acquired.

(x) Human considerations should be of prime importance in planning for merger and designing the organisation structure for the new set up.


Check Your Progress - 3 

Find three key words from the above section. Write their meaning in your own words.





2.3.5    Joint Venture

When two or more firms mutually decide to establish a new enterprise by participating in equity capital and in business operations, it is known as joint venture. A joint venture is a business partnership between two or more companies for a specific business operation.


Joint venture can be with a firm in the same country or a foreign  country. For example, Birla Yamaha Ltd. is a joint venture of Birla and Yamaha Motor Co. of Japan, DCM and Daewoo Corporation of Korea established DCM Daewoo Motors Ltd. Hindustan Computers Ltd. and Hewlett  - Packard of USA formed HCL-HP Ltd, a joint venture company. 

Check Your Progress - 4


Activity - C

Give five examples of the firms which have achieved joint venture in India.





Check Your Progress - 5


“External Growth Strategies”, “Amalgamation”, “Joint Venture”, “merger”, “Absorption”. Rewrite the above given key-words in their logical sequence.





2.4. Crisis of Business Growth

All organizations pass through various stages of growth and at each stage the organization is required to solve some specific problems.

A very useful model of organizational growth has been developed by Greiner. He argues that each organisation moves through five phases of development as it grows. There are five phases in organizational growth – creativity, direction, delegation, coordination and collaboration followed by a particular crisis and management problems. 

1.                  Creativity Stage.  Growth through creativity is the first phase. This phase is dominated by the entrepreneurs of the organizations and the emphasis is on creating both a product and a market.  However, as the organization grows in size and complexity, the need for greater efficiency cannot be achieved through informal channels of communication. Thus, many managerial problems occur which the entrepreneur may not solve effectively because they may not be suited for the kind of job or they may not be willing to handle such problems. Thus, a crisis of leadership emerges and the first revolutionary period begins. Such questions as ‘who is going to lead the organisation out of confusion and solve the management problems confronting the organisation; who is acceptable to the entrepreneurs and who can pull the organisation together arise. In order to solve the problems a new evolutionary phase – growth through direction – begins.  

2.                  Direction Stage.  When leadership crisis leads to the entrepreneurs relinquishing some of their power to a professional manager, organisational growth is achieved through direction.  During this phase, the professional manager and key staff take most of the responsibility for instituting direction, while lower level supervisors are treated more as functional specialists than autonomous decision making managers. Thus, directive management techniques enable the organisation to grow, but they may become ineffective as the organisation becomes more complex and diverse. Since lower level supervisors are most knowledgeable and demand more autonomy in decision making, a next period of crisis – crisis for autonomy begins. In order to overcome this crisis, the third phase of growth – growth through delegation – emerges. 

3.                  Delegation Stage.  Resolution of crisis for autonomy may be through powerful top managers relinquishing some of their authority and a certain amount of power equalisation. However, with decentralisation of authoirty to managers, top executives may sense that they are losing control over a highly diversified operation. Field managers want to run their own show without coordinating plans, money, technology or manpower with the rest of the organisation and a crisis of control emerges. This crisis can be draft with the next evolutionary phase – the coordination stage. 

4.                  Coordination Stage.  Coordination becomes the effective method for overcoming crisis of control. The coordination phase is characterised by the use of formal systems for achieving grater coordination with top management as the watch dog. The new coordination system proves useful for achieving growth and more coordinated efforts by line managers, but result in a task of conflict between line and staff, between head quarters and field. Line becomes resentful to staff, staff complains about unco-operative line managers, and everyone gets bogged down in the bureaucratic paper system. Procedure takes precedence over problem solving; the organisation becomes too large and complex to be managed through formal programmes and rigid systems. Thus, crisis of red – tape begins. In order to overcome the crisis of red-tape, the organisation must move to the next evolutionary stage – the collaboration stage. 

5.                  Collaboration Stage.  The Collaboration stage involves more flexible and behavioural approaches to the problems of managing a large organisation. While the coordination stage was managed through formal systems and procedures, the collaboration stage emphasizes greater spontaneity in management action through teams and skilful confrontation of interpersonal differences. Social control and self – discipline take over from formal control. Though Greiner is not certain what will be the next crisis because of collaboration stage, he feels that some problems may emerge as it will centre round the psychological saturation of employees who grow emotionally and physically exhausted by the intensity of team work and of the heavy pressure for innovating solutions. 

2.5 Summary 

In the unit we have discussed what strategic alternatives a firm could consider for growth. 

Once a firm has identified the various strategic possibilities, it has to make a selection from among these alternatives. And this would depend upon its growth objectives, attitude towards risk, the present nature of business and the technology in use, resources at its command, its own internal strengths and weakness, Government policy etc. There are several managerial factors which moderate the ultimate choice of a strategy. For a firm desiring immediate growth and quick returns, mergers and takeovers afford attractive opportunities as they obviate the necessity of starting from scratch. However, identifying the right candidate for merger or acquisition is an art at which only a few managements can really excel. Establishing joint venture, especially in the international arena, is a low risk alternative. Many firms prefer this approach. 

2.6 Glossary 

1.  Red Tape                   -           Too much attention to rules and regulations.

2. Obsolete Technology -           Technology which is no longer used as it is out of date.

3. Automation                -           Use of methods and machines to save labour.

4. Monopoly                   -           Possession of the sole right to supply which is not or cannot be shared by others.

5. Overheads                  -           Those expenses which are needed for carrying on a business e.g., rent, advertising, salaries, light, not manufacturing costs.

6.  Mass Production       -           Production in large quantities.

7. Subsidy                       -           Money granted by a govt. to an industry to keep prices at a low level.

8. Unexplored sector     -           Those sectors of the economy which are hitherto not served.

2.7   Self – Assessment Questions 

Q.1      What do you understand by ‘business growth’? State briefly its limitations.

Q.2      Explain the term ‘growth strategy’. Why does a firm seek to grow?

Q.3      Distinguish between horizontal integration and vertical integration.

Q.4      What is Modernization? Describe its advantages as a growth strategy.

Q.5      Distinguish between backward and forward integration.

Q.6      What is Merger? State the benefits and limitations of Merger.

Q.7      Write a note on joint ventures as a business growth strategy.

Q.8      ‘Growth is most frequently used corporate strategy’. Discuss the reasons why a firm must grow? Under what circumstances a firm may not consider growth a desirable strategy?

Q.9      Do you know of any mergers or take-overs which have taken place recently? What were the motivations behind such mergers or take-overs?


2.8   Further Readings

1.                  H.Igor Ansoff, ‘Corporation Strategy’, McGraw Hill, New York, 1965, p.51.

2.                  William F.Glueck and Lawrence R. Jauch, ‘Business Policy and Strategic Management’, McGraw Hill, New Delhi, 1984, p.220

3.                  Raw. N.G., ‘Entrepreneurship and Growth of enterprise in Industrial Estates’, Deep and Deep, New Delhi 1986.

4.                  Singh N.P., ‘Emerging Trends in Entrepreneurship Development – Theories and Practices, “IFDM, New Delhi, 1985.

5.                  Charles A. Scharf, “Acquisitions, Mergers, Sales and Takeovers’, Prentice Hall N.J. 1981.

6.                  Saxena A., ‘Entrepreneurship – Motivation. Performance. Rewards’. Deep & Deep, New Delhi 2005.

7.                  Singh B.P. and Chhabra T.N., ‘Modern Business Organisation, Dhanpat Rai & Co., New Delhi.

8.                  Gupta C.B., Modern Business Organisation’, Mayor Paperbacks, New Delhi 2001.

9.                  Ghosh B., ‘Entrepreneurship development in India’, National Publishing House, Jaipur & New Delhi 2000.

10.              Dollinger M.J., ‘Entrepreneurship strategies and Resources’, 3rd edition, Pearson Education, New Delhi 2006.

11.              Harward Business Review, July – Aug 1972, pg. 37 – 45.