Bethany is a chef who owns three moderately successful restaurants with innovative menus. Based on what you have read, which of these approaches could help her improve her profits?
A) Change her menus and décor to appeal to economy-minded consumers.
B) Carefully time the opening of her business and focus on underserved niches.
C) Use her existing knowledge, equipment, and staff to launch a catering business.
D) Expand to new locations in economically struggling areas.

Question

Quizplus · Accepted Answer

To increase the probability of a successful entry into a new market, one option is to leverage existing assets-that is, to think about a new combination of resources and capabilities that the firm already possesses. Bethany's knowledge, her innovative cooking and serving equipment, and her staff are likely to be valuable assets if she decides to go into the catering business.

Bethany Is a Chef Who Owns Three Moderately Successful Restaurants