seeking new business opportunities Flashcards
management strategies to seek new business opportunities both domestically and globally
managers will often seek new opportunities to gain new business that help the business grow and expand. this is often called business development. business can implement strategies to seek new business opportunities domestically or globally.
MULTIPLE BRANDING
is where one business sells multiple brands in the same market. this allows customers to have a choice in a wide variety of products
allows businesses to hold larger shelf space
but may receive backlash and customers may feel the business are only after profits
franchising
franchising is where a business grants someone the rights to carry out commercial activities using the brand of the business. this allows the business to expand while using other peoples money. there are some loss of control and profits are shared between the franchisee and head company
government programs
different levels of government provide assistance for businesses that are looking to grow.
business Victoria provides grants and assistance in growing businesses
eg: business government grant and Victoria defence industry program.
exporting
is where a business sends their goods or services to another country for sale. this can open up new markets and greatly increase sales. although extra red tape and taxes are often involved.
Austrade
the government body that is involved in advancing Australians international trade and education as well as investment and tourism
Austrade establishes connections for Australian businesses
make use of global experts
however can be costly to set up an agent and distributor or products
developing online presence
putting business online can allow the business to attract new customers in new locations domestically or globally
this can be achieved through building a website or through social media
open up new markets and sell to a global market.
although can be costly to set up and need new distribution channels
