Answer to Question #313885 in Management for Modi

Question

Consider last month you started a new business of Electronics items. You are also thinking to start different branches of your business in your city as well as outside. To increase the revenue, you may explore the international market. In the dynamic market, you would face tough competition from different online as well as offline players during the journey. Analyze and suggest a different level of strategies that you will implement in the firm that can improve overall business profit. 

Answer 1

There are four key areas where profitability can be increased. Reduced costs, increased turnover, increased productivity, and increased efficiency are all examples. You can also diversify your business by entering new markets or developing new products or services.