Benefits Of A Business Model

2057 Words9 Pages
Most businesses are seeing the benefits of globalization; they offer similar service or products to a variety of customers. However, it is not an easy road to take for business must ‘…deliver and clear and consistent message…and tailor their business model so that it can accommodate many different countries (Walcott, 2014).’ Some important characteristics are: Experience- Most of them started as SMEs and over the years developed the knowledge and the experience necessary to expand their businesses. Innovation- products and services must be created in order to fit the needs of the many countries; therefore, ‘…having a business model that is both strong and scalable… (Walcott, 2014),’ is important for innovation. Distinct Identity- businesses should be able to differentiate themselves from their competitors and in the market. Having a unique brand or product in the market is a marketing strategy that will prove effective. Pros of Global Business Sales and profits increase because of the larger market segments. The business is able to reach more customers and provide their products and services. Business continuity- if the business is global, production does not necessarily shuts down; it turns to be 24 hour service to customers. Customers are able to be served anywhere around the globe thanks to the use of the internet. Business expansion- the business is able to enter into different market sectors, expending their services and/or products. Cons of Global Business Short
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