Growth strategy
AquaFresh, an established laundry chain, is losing ground to new market entrants — where should it look for its next stage of growth?
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AquaFresh, a fast-growing privately held company based in Nigeria, runs laundry outlets in 5 regions across the country. The company is engaged in three areas of business: machine-based clothes washing, hand washing of delicate clothes and ironing of clothes.
The company was started ten years ago and has grown very quickly almost every year since. However, the owners are now concerned because its growth has slowed down and for the last 2 years, AquaFresh's growth has plateaued. 5 years back, there were only 5 players in the market; however, recently many new laundry startups have entered the market and have taken market share from the traditional players such as AquaFresh. AquaFresh's leadership team have called you to advise on possible revenue growth strategies in light of this.
What factors would you consider in advising AquaFresh?
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