Which of the following is NOT a recognized growth strategy?

The correct answer is that 'Expansion of market share' is not typically categorized as a formal growth strategy in the context of strategic management frameworks. While expanding market share is a goal many businesses strive for, it is generally considered a result of applying various growth strategies rather than a standalone strategy itself.

In business strategy, recognized growth strategies include diversification, which involves entering into new markets or developing new products; vertical integration, which refers to acquiring control over different stages of production or supply; and concentration, which focuses on strengthening a company's position within its existing market. Each of these strategies provides a structured approach to growth, either by tapping into new opportunities or optimizing current operations.

Expansion of market share may arise from successfully implementing these recognized strategies, but it doesn’t constitute a distinct method for achieving growth on its own. This distinction is critical in understanding strategic planning and execution, where specific approaches must be chosen to facilitate growth in a targeted manner.