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This 1 page Document was uploaded by an elite notetaker on Monday December 21, 2015. The Document belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 8 views.
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Date Created: 12/21/15
Business Technique Beginning a new business httpg00glZTLBZ8 Introducing a new product or service to your current business Before embarking on either proper consideration should be given to potential barriers of entry to the market and how you will placement yourself and develop a competitive technique to overcome them Porter39s 5 forces model of industry analysis is a great tool that could help you decide upon strategy and ascertain whether your business may achieve success and profitability in a particular industry Capital Expenditure can scupper businesses before they attempt Do you have the capital necessary to penetrate your industry of choice The size and scope of your business will play its part here How much will this cost in start upward expenses 6 g equipment premises distribution etc In the event that you are entering a low hurdle industry such as setting up an followingschool activity funds expenditure is going to be minimal Setting up a bus company on the other hand would be considered a high barrier to entry as a great offer of capital expenditure will be required to buy buses utilize drivers mechanics and other staff members the cost of buying an operating license and so on Brand Devotion can make it very hard to penetrate set up industries even when you consider your product or service to be superior to that already offered in the market However customers can be extremely loyal to their favourite brand They may need a great offer of persuasion to even attempt your product never thoughts abandon their own favourite tried and trusted one Marketing costs could prove expensive Cost Advantages of large businesses can assist sustain their own competitive benefit in the industry Able of mass production andor supplying services to a huge clientelethey can certainly undercut new businesses by decreasing their costs thus successfully thwarting potential new records to the industry New businesses are deterred because they39ve little hope of being lucrative trying to match or beat these types of lower prices Could you afford to enter in to a price battle with the bigger gamers Remember they39ll in all likelihood have the resources and the capacity to absorb any short phrase losses they might incur until you can no longer compete Click here for more information about blue ocean strategy in Malaysia
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