Business Beyond Borders
Helga van Ecker, Director
Volusia County Economic Development
Big or small, one-of-a-kind or scalable, successful businesses are continuously being assessed by their management to improve immediate and long-term operations and efficiencies. Whether the goal is to expand, maintain market share or increase market resiliency, there are three core strategies. The most common strategy is to focus on increasing sales of existing products or services. Lowering prices or increasing promotional activities are examples these market penetration tactics. Alternatively, we saw many local examples during the COVID-19 pandemic of market diversification, where businesses developed new products and services to respond to demand and maintain profitability. Finally, rather than offering new promotions or new products, tapping into a new marketplace can be extremely effective. A market expansion increases sales of by finding new clientele. Examples include expanding a retail market to include commercial contracts and expanding from domestic to international markets.
Did you know that 96% of the world’s customers reside outside the United States, but only 1% of U.S. companies are currently involved in exporting? As a lower-cost, lower-risk way to enter the global market, exporting can be a practical strategy.
This edition of the Economic Development Quarterly focuses on exporting and importing. As you read the articles that follow, you may be surprised to learn who in Volusia County is already exporting products internationally. From zany amusement park games to life-saving medical research equipment, these exporters are benefiting from the global demand.
Volusia County Economic Development Quarterly
Second Quarter 2021
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