30. Business Expansion: Vulnerable or Poised for Growth?
In your research, you may have discovered unmet service needs or discovered new product ideas. Now you will analyze your products, services, and target markets to find new ways to expand your business. You will also examine expansion risks.
Two basic issues must be considered when evaluating expansion of products or markets: costs and complexity. Let’s look at three different scenarios. Many businesses start by selling one product to one market, and they ask, “Where do I go next?” Note that if this describes your situation, you are in a pretty vulnerable position should there be a major change in either area.
You can expand by adding more products. If you sell several products to one market, ...
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