GROWTH IN TODAY’S MARKETPLACE

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Presentation transcript:

GROWTH IN TODAY’S MARKETPLACE Entrepreneurship 11/16/2018 Chapter 15 GROWTH IN TODAY’S MARKETPLACE 15.1 Develop a Strategy for Growth 15.2 Global Trends and Opportunities 15.3 Culture and Business Chapter 15

Lesson 15.1 DEVELOP A STRATEGY FOR GROWTH Chapter 15 Lesson 15.1 DEVELOP A STRATEGY FOR GROWTH GOALS Determine when your business is ready to expand. Manage the growth of your business. Select a growth strategy. Examine product life cycle and development.

DETERMINE WHEN TO EXPAND Chapter 15 DETERMINE WHEN TO EXPAND Consider the condition of your business Assess economic conditions

CONTROL YOUR GROWTH Create a plan for growth Chapter 15 CONTROL YOUR GROWTH Create a plan for growth A plan for expansion should include strategies for: Attaining measurable objectives and goals Hiring managers and supervisors Financing expansion Obtaining resources for expansion

CHOOSE A GROWTH STRATEGY Chapter 15 CHOOSE A GROWTH STRATEGY Penetrate the market Expand geographically Diversify with new products or services

PRODUCT LIFE CYCLE Stages of a product life cycle Introduction Growth Chapter 15 PRODUCT LIFE CYCLE Stages of a product life cycle Introduction Growth Maturity Decline

PRODUCT DEVELOPMENT New product development Strategy development Chapter 15 PRODUCT DEVELOPMENT New product development Idea development Idea screening Strategy development Financial analysis Product development and testing Product marketing

Lesson 15.2 GLOBAL TRENDS AND OPPORTUNITIES Chapter 15 Lesson 15.2 GLOBAL TRENDS AND OPPORTUNITIES GOALS Identify the different ways you can export and import. Determine whether international business is right for you. Evaluate trade regulations that will affect your business.

EXPORTS AND IMPORTS Exporting Importing Direct exports Chapter 15 EXPORTS AND IMPORTS Exporting Direct exports Indirect exports Using the World Wide Web to export Importing

IS INTERNATIONAL BUSINESS RIGHT FOR YOU? Chapter 15 IS INTERNATIONAL BUSINESS RIGHT FOR YOU? Pros and cons of competing globally Risks of global competition Analyze the market Research Write an international business plan

GOVERNMENT REGULATION OF INTERNATIONAL TRADE Chapter 15 GOVERNMENT REGULATION OF INTERNATIONAL TRADE Quotas Tariffs Qualitative restrictions The North American Free Trade Agreement Government assistance to companies operating abroad

Lesson 15.3 CULTURE AND BUSINESS Chapter 15 Lesson 15.3 CULTURE AND BUSINESS GOALS Identify and respect different cultures. Determine why knowledge of different cultures is important for entrepreneurs.

Chapter 15 WHAT IS CULTURE? Culture is the set of customs, beliefs, and social attitudes that characterize a particular group of people.

CULTURES WITHIN THE UNITED STATES Chapter 15 CULTURES WITHIN THE UNITED STATES Respect cultural diversity Avoid stereotyping people. Focus on similarities rather than differences. Learn about different cultures. Make friends with someone from a different culture. Try to understand and identify with other people’s feelings Market to different cultures

CULTURE AND THE GLOBAL MARKETPLACE Chapter 15 CULTURE AND THE GLOBAL MARKETPLACE Familiarize yourself with other cultures Speak the language Understand cultural practices Develop cultural sensitivity Research different cultures

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