GENERAL KNOWLEDGE

Detailed explanation-1: -What Is Corporate Cannibalism? Corporate cannibalism is when a product sees a decrease in sales volume or market share due to the release of some new product that has been introduced by the same company. The new product ends up “eating” demand for the current product, therefore reducing overall sales.

Detailed explanation-2: -Deciding where to locate a business has always been important. Location plays a huge role in attracting and retaining the best employees, many of whom keep a close eye on where they’re based in order to optimize work-life balance. Good location decisions can significantly boost a company’s long-term performance.

Detailed explanation-3: -Go where there is demand Look for areas where your product or service is in high demand or where your competition is fairly low. If at all possible, you’ll want to expand to a location where the other businesses on the block are complementary, to ensure your business fits into the local market.

Detailed explanation-4: -Choose a location to open a second business location. Develop a marketing plan. Create a business plan. Set up accounting. Get capital to open a second business location. Hire employees. Buy supplies and inventory.