Discuss two business opportunities for Irish business in 'developing' markets e.g - Leaving Cert Business - Question C - 2004

Introduction

In recent years, the landscape of global trade has evolved tremendously, presenting Irish businesses with unique opportunities in developing markets, particularly within the European Union. Below, we'll discuss two key opportunities:

1. E-commerce Expansion

The rise of e-commerce offers significant prospects for Irish businesses aiming to penetrate developing markets. With the increasing reliance on the internet for shopping, Irish companies can leverage their existing online platforms to tap into new customer bases.

• Global Reach: The establishment of global online marketplaces allows Irish businesses to market and sell products to consumers in various EU countries.
• Cost Efficiency: E-commerce reduces overhead costs traditionally associated with physical stores, allowing for competitive pricing in emerging markets.

This opportunity is bolstered by the accessibility of technology and growing internet penetration in these regions, enabling more consumers to make purchases online.

2. Green Technology Solutions

As sustainability becomes a growing concern globally, Irish businesses can position themselves at the forefront of green technology solutions. Many developing markets are increasingly focusing on sustainable practices.

• Renewable Energy: Irish firms can provide solutions in renewable energy technologies, such as solar or wind energy systems, which are highly sought after in regions striving for energy independence.
• Sustainable Agriculture: With the EU's emphasis on environmentally friendly practices, Irish agricultural firms can export innovative farming techniques and sustainable practices, helping to improve yield and sustainability in developing markets.

By leaning into these opportunities, Irish businesses can not only enhance their market presence but also contribute positively towards global sustainability goals.