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Global competition to enter local markets

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Discussion

What have you learned so far about your business concept? What areas of research have you explored?

Which of these items are most important, and how do you think you will explore them in this plan?

Discuss these items with the class and how they may be approached for your business.

Examples of the items that you can discuss:

Target market. Because of the electronically connected world, it's possible to target a market even halfway around the globe, and that can be a way to expand your market opportunities significantly. If you have a high niche product, your customers may be widely scattered internationally, and you may need to or want to serve a wide geographic area. Even if you plan to concentrate on a local or domestic market, you must address how you'll serve international customers who find you online. Successful companies today at least evaluate international market opportunities when choosing which markets to target.

Competitors. It's far easier than ever for global competition to enter local markets. Certainly, if you are selling a product - even a fairly mundane one - you may find yourself competing with international online companies.

Reference no: EM133336636

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