Creating a business is a major breakthrough, and the work doesn’t just stop there now, does it? Running and Maintaining it takes a lot of effort and time. To succeed, organizations need to overthrow not only internal obstacles, but also external threats. Constant monitoring of an organization’s functions is quintessential and needs to be donw, especially in today’s dynamic, ever changing, fast-moving world. Customer’s needs and fancies change everyday and it is up to the organization to cater to their dynamic needs to truly be successful. To add to list of barriers, there are also competitor businesses looking to replace old ones.Any opportunity that gets thrown in its path need to be taken. Moreover, a thorough examination of the market is required. This is done by starting an initiative, opening to a new market. Re-positioning business, identifying successful strategies, understanding the demands of the customer and a knowledge of competitor and it’s weakness.
The solution to identification of market opportunity lies in four crucial techniques of Market segmentation, Market trend analysis, Government regulation’s influence and Market constituent study.
Market sizing can be done by estimating size of the market by assessing all profits earned in the past five years. This along with information about the market constituents can be used to predict the future outcome.
Market Segmentation solution deals with individual market segment. The significant players are identified. The company’s shareholders, strategies and competitors are studied. Once this is studied, the resulting product is evaluated for quality check and compared with competitor’s products. Various marketing and positioning strategies are proposed for solutions. However, the product alone cannot assure that the business will be successful. Proper analysis needs to be carried out to assess the demands of the customer. This is done by analysing preferences based on various parameters and addressing each segment separately. The organization’s chain of work is also analysed. The various partners are identified and their role in the market is studies and quantitative analysis is carried out.With all this being done, there exists another major solution area. This is to identify the trends in the market, with the spotlight shining on emerging trends and the company’s reaction to the same.
One of the major hurdles that a company perhaps has to face is the threat by competitors. There is a constant pressure to shine in the market and the more the competitors the more the opposition your company possibly has to face. It can be thought of in one of two ways. Either as a threat who reduces the market size for your product, or as a way of learning to become better. Proper research and analysis will allow a competitor to help you grow than fall down.
First things first, you need to identify who your competitor is. Then, you categorize it as either a direct or an indirect competitor. To identify your competitor, you need to ask yourself one major question, What decides who the competitor has to be? It cannot be someone who’s so top-notch it makes no sense and it cannot be a company who’s struggling that much for you to compete with them. So you need to choose your parameter and line carefully.
Once the competitors have been identified and listed, a profile is created for each which outlines the history of the company, the details of management, profiles of their customer database, the objectives and vision of the company.
After that being done and dusted, the important value proposition is defined for the competitor and the specific need the competitor is aiming to target is pinpointed.
Financial Reviews are part and parcel of any business organization and it should be ensured that all revenues are recorded and accounted for. Assessing the risk would be a great idea at this juncture and it can be done easily by assessing the cost trends.
The list of products and services are provided and the reviews about the same are analysed. The R & D department is in the process of launching new products and services. The competitor’s strategies such as Policing, Promotion and Pricing is studied. Their growth is recorded and reasoned. Customer Satisfaction is also recorded.
Brand reputation can be monitored by reviewing how various factors are perceived among the population. First and foremost, the company’s image is evaluated by seeing what the market thinks about the value proposition.
Once the company is reviewed, the next step involves reviewing perception of the particular product. Identify what the market thinks about the product. Ask if the needs of the customer are being met with the introduced product. If not, ask if there is a way to improve or modify the product to better suit the customer’s needs.
Customer Experience is another major stepping stone. Through after-sales reports and complaints, the customer experience perception is reviewed.
Another major aspect of this is the stakeholders’ perception. The company needs to review if they are happy with the decisions of the company. If not, nest steps have to be taken to understand and rectify the situation and faults, if any.
Last but not the least, crucial information on what the market thinks about the competitor is highly significant.
1. Before starting with partnering opportunities, one needs to first assess the client’s channel. The distribution channel is assessed to see if there is a need for new partner. Existing partners are also reviewed and their activities are watched closely to sustain the working of the distribution chain.
2. Prospective partners are profiled. This is done by choosing a vendor as a suitable partner based on the profile. This is done by comparing with the leading partners and distributors.
3. Now that the prospective partners are profiled and ranked, they are evaluated based on a couple of parameters. How much geographical area can the vendor cover is a very important criteria. Other parameters include revenue, technology, market perception and product portfolio. This evaluation is also based on the vendor’s attitude towards other companies they partner with.
4. Once the prospective partners are evaluated, a decision is made and a partner is decided. Next steps for the partner whether to move foreward or backward is assessed.
Before starting a new venture, one needs to assess the new market and this requires a lot of planning and execution of ideas. The opportunities available in the market are studied and accordingly, the plans are put out to cater to them. To assure that the business progresses in the the forward direction, proper assistance is required to put the formulated idea into action applying business and marketing plans. The pre-planning stage involves market sizing and segmentation. The demands of the market and information about key players are also studied.
With the advent of new businesses in almost every corner of the world, these days it is not difficult to find vendors. On the contrary, it is highly easy. There are in fact innumerable vendors with a myriad of high quality products to sell. It confuses the buyer sometimes as there are too many options to choose from. For an organization whose every move is crucial, they need to take the right steps with every step of the process. Vendors offer a multitude of products of various brands. One needs to choose a vendor who will fit in with their best-buy situation. Various consulting groups are available who have the professional expertise to make this choice. They already carry the database of vendors to suit your needs best. This in turn will facilitate better decision making.
Two parameters also play a major role in the solutions finding sector.
Market growth potential is used to assess the growth potential based on revenue, three years’ revenue growth and geographical coverage.
Technological Leadership does the same on the basis of the various services and products offered, future schemes, expansion plans and technology partnerships.