Seeking new business opportunities 14

Question 1

Strategies to seek domestic and global opportunities

Answer 1

• exporting products and services
• innovation
• developing a market niche
• research and development

Question 2

Exporting products

Answer 2

Considerations to be made: competitors in overseas market, money, target market, regulations/laws, taxes, cultural considerations, protect intellectual property

Question 3

Innovation

Answer 3

creating effective procedures/products/ideas to deliver better products OR improvements or inventions that enhance or extends a business and provides another product or service to the economy
• Analysing competitors performance and adopting their practices, if effective
• Investing in R&D
• Looking at trends in the market
• Establishing a corporate culture on innovation, where contributions of employees on how to improve are valued

Question 4

Developing a market niche

Answer 4

target a narrow market (gaps in the market) and create unique products to cater to customer needs
• Identify who, specifically, is your market, their needs, and why they should buy your products

Question 5

Research and development

Answer 5

Developing products and increasing their level of quality and attributes to gain market share

Question 6

New and emerging technology

Answer 6

Businesses need to adapt to the new technologies
Online shopping-> expand customer base (accessible 24/7)
Some may be negatively influenced, AusPost has expanded in parcel delivery rather than mail