Question

Discuss how you will use these “deeper” views in developing an expanded business model perspective for a firm?

Answer 1

A business strategy in which growth is achieved by increasing the number of stores in which customers can purchase a company’s products and services. Unlike relocation, business expansion involves new stores in various physical locations, while still maintaining the current business premises. Direct sales, exclusives, advertising and brick and mortar stores are examples of traditional business models.

Business expansion has the potential to showcase your products and services to more people. Adding your customers will help you transform more customers and boost your productivity. This leads to many benefits. Just like the members of your team, customers are important to the success of your business. After all, all successful small businesses have to start new projects to address expansion or growth. Business expansion is a step in business life that is full of opportunities and consequences. Small businesses can expand their operations to the fullest. The most common method used in small businesses to develop their business is characterized by a growing trend, which is to increase the inventory of products or services provided without changing much of the products or other products that are manufactured.

General ways to expand small businesses include:

* Growth in search of other existing businesses.

* Granting special rights to other entrepreneurs.

* Intellectual property licenses for other people.

* Establish trade agreements with distributors and/or traders.

* Strive for new ways of advertising (such as catalogs)

* Join industrial cooperatives to promote savings in general business sectors, including advertising and purchasing provides common shares.

* Shareholder plan for employees.

The process of growth begins with a realistic assessment of strengths and weaknesses. small businesses can reduce development by raising prices for products and services. In many hot industries, this opportunity not only reduces development but also increases profitability in the company’s normal load.