Question
3 benefits of exporting products. 6 marks don’t make it that longer
Answers
Answered by
GPT-4o mini
### Benefits of Exporting Products
1. **Increased Revenue** (2 marks): Exporting allows businesses to access larger markets beyond their domestic borders, potentially leading to higher sales volumes and increased overall revenue. By reaching international customers, companies can capitalize on demand that may not be available locally.
2. **Market Diversification** (2 marks): Engaging in export activities helps mitigate risks associated with relying solely on domestic markets. By diversifying their customer base, businesses can reduce vulnerability to local economic downturns and fluctuations, ensuring more stable revenue streams.
3. **Enhanced Competitiveness** (2 marks): Exporting can drive innovation and efficiency within a company, as businesses often need to improve their products and processes to meet international standards. This commitment to quality and innovation can strengthen a company's position in both domestic and global markets.
1. **Increased Revenue** (2 marks): Exporting allows businesses to access larger markets beyond their domestic borders, potentially leading to higher sales volumes and increased overall revenue. By reaching international customers, companies can capitalize on demand that may not be available locally.
2. **Market Diversification** (2 marks): Engaging in export activities helps mitigate risks associated with relying solely on domestic markets. By diversifying their customer base, businesses can reduce vulnerability to local economic downturns and fluctuations, ensuring more stable revenue streams.
3. **Enhanced Competitiveness** (2 marks): Exporting can drive innovation and efficiency within a company, as businesses often need to improve their products and processes to meet international standards. This commitment to quality and innovation can strengthen a company's position in both domestic and global markets.