Growth is the top priority of chief executives and about half will not change their growth strategy in the current economic climate, research has found.
Research house Frost & Sullivan's second annual CEO Survey reveals that 84 per cent of chief executives consider growth to be their primary objective. Customer satisfaction and improved margins were second and third while cost reduction and working capital were considered less important.
The top way of achieving growth over the last three years was competitive strategy, which was cited by 23 per cent of respondents. 54 per cent put both competitive strategy and strategic partnering in their top three. New product launches and geographic expansion were also popular as both were cited by 47 per cent of respondents. However, just 38 per cent of respondents claimed they have a dedicated team for growth strategy, compared with 60 per cent last year.
67 per cent of chief executives claimed they were aggressively seeking new growth opportunities to combat the economic downturn. 48 per cent claimed the ubiquitous media coverage of economic climate had not changed their growth strategies, although 62 per cent claimed the coverage is negatively affecting customers spending.
85 per cent claimed corporate reputation was vital to the achievement of long term growth goals. Internal and external perceptions, as well as relations with the media, were cited as important.
Tonya Fowler, director of competitive benchmarking services for Frost & Sullivan said: "The numbers are clear. CEOs remain committed to growth, and will utilize a combination of strategies to achieve this goal."
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