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which approach states that a business avails the opportunities to expa...
Opportunity-based approach in business expansion


Introduction

The opportunity-based approach is a method used by businesses to identify opportunities in the market and leverage them to expand and win against competitors. It involves analyzing the external environment to identify opportunities and threats and using them to create a competitive advantage.

Environmental Analysis

Environmental analysis is a crucial aspect of the opportunity-based approach. It involves analyzing the external environment to identify opportunities and threats. The process of environmental analysis involves the following steps:


  • Identifying the market trends and changes in the industry

  • Analyzing the competition and their strategies

  • Assessing the political, economic, social, and technological factors that impact the business

  • Identifying the customer needs and preferences



Expanding the Business

Once the opportunities have been identified, the business needs to develop strategies to leverage them and expand. The following are some of the ways a business can expand:


  • Introducing new products or services to meet customer needs

  • Expanding into new geographical regions or markets

  • Acquiring other businesses to increase market share

  • Forming strategic partnerships with other businesses to increase capabilities and reach



Benefits of the Opportunity-based approach

The opportunity-based approach offers several benefits to businesses. These include:


  • Increased competitiveness

  • Increased market share

  • Increased revenue and profitability

  • Ability to adapt to changes in the market

  • Ability to take advantage of emerging trends



Conclusion

In conclusion, the opportunity-based approach is a method used by businesses to identify opportunities in the market and leverage them to expand and win against competitors. It involves analyzing the external environment to identify opportunities and threats and using them to create a competitive advantage. By adopting this approach, businesses can increase their competitiveness, market share, and profitability.
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which approach states that a business avails the opportunities to expand and win from comipaines Related: Environmental Analysis - Business Environment?
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which approach states that a business avails the opportunities to expand and win from comipaines Related: Environmental Analysis - Business Environment? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about which approach states that a business avails the opportunities to expand and win from comipaines Related: Environmental Analysis - Business Environment? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for which approach states that a business avails the opportunities to expand and win from comipaines Related: Environmental Analysis - Business Environment?.
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