Business – 1.3 Size of business – Business growth | e-Consult
1.3 Size of business – Business growth (1 questions)
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- Product development: Introducing new or improved products to meet emerging customer needs.
Example: A smartphone manufacturer launches a model with a superior camera and longer battery life.
- Market penetration: Increasing market share for existing products through pricing, promotion, or distribution enhancements.
Example: A coffee chain runs a loyalty programme and expands its presence in shopping centres.
- Operational efficiency: Streamlining processes to reduce costs and improve productivity, freeing resources for reinvestment.
Example: A clothing retailer adopts an automated inventory system that reduces stock‑out incidents.