Archive for the ‘small business opportunity’ Category
why is fast growing market an opportunity for small business?
For example theirs this phone shop called mobile madness is small and young and sells a range of mobile products but its now planning to broaden its product range and sell things such as MP3’s and GPs tracking devices because mobile madness would like to take advantage of the strongly growing market. As a business how is the strongly growing market a opportunity and also a threat? … thanks
First of all you have to think of the market as a giant wave. With the front of the wave the market place. Where as a business do you want to be positioned? In front of the wave or the rear of the wave. If you are in front of the wave, you are in the strongest position for a growing market, because there isn’t a lot of competition. If you are behind the wave, you are at the weakest position of the market, because you are "playing" catch-up to the other competitors.
Now, as to the last part of your question. When you get into a "changing" market like the electronics division, you have to be aware of the up and coming trend. Electronic devises are always being upgraded and changed. Even though right now the mp3, mp4, i-pod, and gps are all the rage, there is already talk of new and different products that will make these other obsolete. When the "new" stuff comes out you must be on top of it regardless of the cost. Consumers are going to want it. This could be where the business stumbles if not careful.
I hope I helped.
Good Luck