Market expansion is another remarkable growth strategy, which is often referred to as market development that involves selling current products in a new market. There are different reasons explaining why a company needs to consider a market expansion strategy. Competition may be such that there is no scope for growth within the current market. If…
Market penetration is a measure of how much a product or service is being used by customers compared to the total estimated market for that product or service. Market penetration can also be used in developing strategies employed to increase the market share of a particular product or service. Market penetration can be used to…
Small companies or businesses always look for ways to grow their business and increase sales and profits. There are probable techniques that companies must use for executing a growth strategy. The technique used by a company to expand business is highly dependent upon its financial situation, the competition and even government regulations and policies. Some common…
In terms of entrepreneurship, capital can be described as a region’s funding with factors conducive to the construction of new entrepreneurship and it creates a positive impact on the region’s economic output. Higher level of entrepreneurship capital regions express higher levels of output and productivity, in contrast to those lacking entrepreneurship capital that tend to…
Owning a business is the first decision to be made in constructing a business. The main reasons to own a business are − ● Being the sole trader ● Being a partner ● Being a shareholder or stakeholder Sole ownership means all decisions are to be made by self and profits can be owned. However, the sole trader…
Mostly, it is preferred to select a bunch of criteria depending on which selection of the product could depend on. Ranks or costs or weights are allocated to each criteria to achieve an objective examination. There are three basic stages or steps in selection of products or services. These are − ● Idea Generation − Ideas or investment…
A feasibility study provisions as a filter, cleaning and screening of ideas with absence of potential for building a successful entrepreneurship. An entrepreneur promises the required resources for constructing a business plan. On the other hand, business planning is a “planning tool or machinery used for converting an idea into reality. It constructs on laying…
The motto of sourcing a product might seem exciting to a new entrepreneur, but it’s really very simple and easy. It simply means searching for products at an average price that can easily resell at a retail price. While establishing a new enterprise like some e-commerce site or a physical retail business, an entrepreneur needs…
Business plan is an integral part of the management of a financial institution. It should build the institution’s aims and objectives. It is a documented conclusion of how the business will create its resources to achieve its goals and how the institution will evaluate progress. Business plan is an inclusive plan, which is the outcome…
A noticeable advantage in International Business is hiked through the knowledge and use of language. An International entrepreneur fluent in the local languages has the following advantages − ● The talent of communicating with employees and customers directly. ● Acknowledging the way of speaking within business in the local area to increase total productivity. ● Gaining respect of customers and…