Developing firms' growth approaches as a multidimensional decision to enhance key stakeholders' wellbeing

Firms facing a dynamic marketplace associated with the increasing adoption of new-age technology, the growth of big data and analytics, and the increased importance of stakeholders seek guidance on the investment of scarce resources across these three primary dimensions. The key questions facing firms are: How can we capitalize on the three primary dimensions (the increasing new-age technology adoption, the growth of big data and analytics, and the increased importance of key stakeholders) and overcome their associated challenges to achieve sustainable firm growth? This study aims to revive the thinking based on the growth strategy literature in the current environment, by presenting a 4E growth strategy matrix comprising of entrenching, empowering, enterprising, and enriching growth strategies. We propose that a firm can invest resources to maximize on one, two, or all three primary dimensions to produce the four growth strategies. We present an organizing frame-work based on insights from our triangulated research approach. Each of the growth strategies discussed will result in building certain types of firm capabilities, which will then lead to serving the needs and well-being of the key stakeholders. We also present an extensive research agenda that emerges from the four growth strategies. (c) 2020 Elsevier B.V. All rights reserved.