Building New Products in Companies
Every company big or small would like to expand their business depending on their product or service offerings after they have established a stable position. The motivation is to reinvest a part of the earnings/profits in seeking out new business opportunities/revenue – Pretty similar to how we reinvest our savings into new investments Some ways in which business can expand are Expand the same business through more partners i.e. expand in same segments within the same industry. Ex:- Quickbooks in Healthcare, Colgate in Bathing Soap Build a new business in the same industry but a different segment. Ex:- Quickbooks building a messaging service Build a new business in a different industry. Ex:- Apple building a car Type Company Current Industry Current Segment Target Industry Target Segment 1 Quickbooks Software Ledger for Small & Medium Businesses Software Online Payment processing for Small...