3.2 Business growth Flashcards
(3 cards)
1
Q
4 objectives of growth
A
- to achieve internal and external EOS
- increase market power over consumers and suppliers
- increase market share and brand recognition
- increase profitability
2
Q
3 problems arising from growth
A
- diseconomies of scale
- internal communication
- overtrading
3
Q
4 ways a small business can survive in a competitive market
A
- product differentiation and USPs
- flexibility in responding to customer needs
- customer service
- e-commerce
