(1) Modernisation – In order to keep pace with the business race, an entrepreneur must ensure a constant process of modernisation of his merchandise, by means of colours, types, size, design and modern techniques. In this strategy, where the cost per unit will be low and on the other hand, the desire of the consumers for acquiring new modernised merchandise will also to satisfied. 

(2) Expansion- A successful entrepreneur never feels satisfied with the present profit rather continues to explore new vistas in the market for enhancing the rate of production in a better way. He opens new branches and by installing a better technical infrastructure, he expands his business. 

(3) Diversification- The organisations manufacturing the identical products reach a state of saturation which acquires a risky proportion. In wake of the current market conditions, it would be advisable to resort to the strategy of diversification. It is also essential since the life of any product has its own limit and thereafter, it starts disappearing from the market scene. Diversification may be in the product itself or it may be entirely different. It is like the L.G.company which manufactured television has now diversified to computer, fridge and washing machine, etc. Similarly, L&T which is an engineering company has switched over to the production of cement. 

(4) Substitution- This strategy is adopted when it appears to an entrepreneur that the existing product has no future and is heading towards obsolescence, thus it is to be substituted with another product such as a new ball pen instead of an ink pen, is an example of substitution. 

(5) Merger- All the above-mentioned strategies are the internal ones which remain in force within the organisation but the “merger” is an external strategy. Here, two or more organisation come together or by a large enterprise, a smaller one is merged with. By doing so, the smaller enterprise survives from being closed rather becomes one with the mightier one. 

(6) Joint Venture – This strategy is adopted when an entrepreneur lacks competency of running any enterprise at his own and seeks support from others in running the company successfully in a form of partnership. But the difference here is that in case of joint venture, the ownership, does not remain distinct after the job is done.