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Business strategy
Factors to consider when expanding business to another location.
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[QUOTE="Phantasm, post: 333275, member: 94599"] Thorough market research is important when expanding a business to a new location. This includes understanding legal and regulatory compliance, evaluating infrastructures and accessibility, analyzing competition, assessing demographics and target audience, and evaluating the cost of doing business. These include community engagement, exit strategy, financial considerations, brand adaptation, supply chain management, risk assessment, human resources, technology and infrastructure support; customer demand; scalability; economic conditions; cultural considerations. Market research helps to determine whether there is a need for products or services in this new market while the demographics as well as target audiences are focused on the target audiences. Legal and regulatory compliance ensures that all local laws are followed. Infrastructure as well as accessibility is critical as are competition analysis among others. Cultural considerations revolve around adjusting marketing strategies to the local culture. [/QUOTE]
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Factors to consider when expanding business to another location.
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