New market development, sure way to entrepreneurial success
SEE ALSO :Timeless lessons from a rich dadOnce you’ve developed a customer summary and identified the size of your new target market, carry out market research to help you identify key aspects about different players in market. It will identify the trends in the market to confirm if the population is expanding, shrinking or stable. The more you know about your potential customer base and your competition, the easier it’ll be for you to identify your niche. The goal of doing market research is to equip yourself with the information you need to make business decisions about start-up, innovation, growth and the four Ps: product, price, place and promotion. The entrepreneurs of the quail egg business would have known they lacked the principle of sustainability through market research. 3. Decide on market analysis results After completing your analysis, you should have a good sense of the growth potential for your merchandise or services, and if you should proceed with your proposed idea. But don’t be afraid to trust your instincts. You may see something in the market that isn’t easily identified by research statistics. 4. Take action/Implement
SEE ALSO :Money lessons I wish I knew in my 20sOnce you’ve made the decision to enter a new market, develop and implement a good strategic/business plan for promoting and delivering your products or services. Implementation turns strategies and plans into actions to accomplish objectives and goals. Implementing your strategic plan is as important, or even more important, than your strategy. The things we fear most in the markets – fluctuations, disturbances, imbalances, inflation, competition – are the primary sources of creativity. So, innovate. [Njeru wa Kaunanku, lecturer at Kenya Methodist University and business development consultant at Intersource Ltd.]
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