Nikhil deals in different types of gems & stones jewellery. Over the years, his business has gained good reputation. When his son, Sushil joined him in the business, he expressed his desire to expand their business beyond the boundaries of the home country. He also shared with his father, that this approach will increase the prospects of both higher profits and growth of their business.
Identify the concept which will help Sushil to expand his family business beyond the boundaries of the home country.
Name the two benefits of this concept to their business firm that have been mentioned in the paragraph.
Also, explain any two of its other benefits which have not been mentioned in the given paragraph.
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Answer:
his business has gained good reputation. When his son, Sushil joined him in the business, he expressed his desire to expand their business beyond the boundaries of the home country.
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The answer to the asked questions are:
Explanation:
Export operations can help expand the business beyond the boundaries of the home country.
The two benefits mentioned in the paragraph are:
- Increase the prospects of higher profits
- Increase the prospects of growth of the business
The two benefits not mentioned in the paragraph are:
- Production facility is retained in the domestic country
- Diversify and spread the risk of the business activities
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