Market opportunity analysis is an important tool for globalization in business. Marketing business analysis is a tool that determines and accesses the desirability of a business opportunity. Besides, it forms part of the business strategy before launching a new product or service. Globalization in business refers to the change in a business from a company associated with a single country to one that operates in multiple countries. Additionally, it allows businesses to work with new customers and competitors in this field hence the improvement of products and services involved. It is therefore a shift toward a more integrated world economy which involves the exchange of culture, ideas, and beliefs in addition to good, services, and resources.
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STEPS TO CONDUCTING A MARKET OPPORTUNITY ANALYSIS
Marketing opportunity analysis involves the following steps. First, an individual analyzes the customers and competitors. This helps him to evaluate the demand for the products and services. Second, the business person obtains a high-level view of the market since it helps to understand the market as a whole and its potential success. Third, with the knowledge of globalization in business, an individual pursues adjacent opportunities as a winning strategy. Therefore, it helps in the maintenance of a proactive approach. Fourth, understanding the business environment factors which could have a profound impact on company performance. Lastly, finding market research through gathering and synthesizing information about the market.
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THE BENEFITS OF GLOBALIZATION IN BUSINESS
Globalization in business is beneficial in the following ways. It boosts output in the economy whereby it enables firms to specialize hence increase innovation and capital in their output. Additionally, it makes it easier for companies to acquire new customers and competitors therefore increasing exports and imports. Furthermore, globalization in business raises household income since it has reduced the inflation rates. It also increases wages by lowering the cost of consumption. Nevertheless, globalization gives economies and people new opportunities. Through market opportunity analysis, there is the spread of new technology that makes economies greener and productive. Besides, it reduces gender wage discrimination and improves the quality of management in firms
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