3 Expansion Strategies

Question 1

what is a niche market?

Answer 1

a small segment of the market that has a unique set of characteristics, focusing on a specific demographic

Question 2

what does a niche market provide a business?

Answer 2

allows the opportunities to compete with larger businesses that may already have a majority

Question 3

what is research and development?

Answer 3

the activities a business engages in to develop new services or products, improve existing services or products or evolve its processes

Question 4

why are emerging technologies important?

Answer 4

businesses that invest in research and development and strive for innovation will develop, utilize or encounter emerging technologies

Question 5

what are some examples of r &d and innovation?

Answer 5

new product development, new process development, process intensification, enhance existing products and absorption of new technologies

Question 6

what is the point of emerging technologies?

Answer 6

for a business must constantly evaluate its activities and to re-evaluate its priorities and rethink the use of their technologies