Undertake ongoing research into new business oppor

[Midfielder]

Fuller details... Undertake ongoing research into new business opportunities and adjust business goals and objectives as new business opportunities arise.

Post your tho's on this element on this thread...

[ashrafun]

Every organization needs to conduct research, and small budgets are no excuse for lack of a research plan. By starting out with some easily accessible resources, business owner can begin to develop better marketing strategies that can position his/ her product or services for market growth as well as finding new business opportunities and adjust business goals and objectives as new business opportunities arise.
Because marketing research is the function that links the consumer, customer, and public to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process by finding new business opportunities and adjust business goals and objectives for it. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior.
The task of marketing research is to provide owner / management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.

Small business owner or marketing managers needs to make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. They have to make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes. Another factor in this mix is the complexity of consumers. Marketing research helps them to link the marketing variables with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers' response to marketing programs cannot be predicted reliably or accurately. Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by business owner or marketing managers to identify new business opportunities and adjust business goals and objectives as new business opportunities arise. Small business owner may find an un-serviced or under-serviced market, and could identify changing market trends such as population shifts, increasing levels of education or leisure time which bring new opportunities thereby.

[nirmala]

Marketing research is the function that links the consumer, customer, and public to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process by finding new business opportunities and adjust business goals and objectives for it. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior.
The task of marketing research is to provide owner / management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.
Business research is a systematic and organized effort to investigate a specific problem encountered in the work setting that needs a solution. They have to make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes. Another factor in this mix is the complexity of consumers. Marketing research helps them to link the marketing variables with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers' response to marketing programs cannot be predicted reliably or accurately. Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by business owner or marketing managers to identify new business opportunities and adjust business goals and objectives as new business opportunities arise. Small business owner may find an un-serviced or under-serviced market, and could identify changing market trends such as population shifts, increasing levels of education or leisure time which bring new opportunities.

[rosebud]

Regularly monitoring your marketing campaign is important for it to succeed. You will need to assess and analyse its performance to ensure that it remains effective. This will allow you to have better control over the performance of your marketing strategy.
One method you can implement to monitor the performance of your marketing plan is a marketing audit. A marketing audit is a comprehensive examination of your objectives and strategies to determine problem areas and opportunities for improvement.
A marketing audit uses a systematic approach to cover all areas of marketing in a business and does not simply focus on the problem areas. It is an independent review of the direction that your campaign has taken and its outcomes, compared to what was originally laid out by your marketing objectives. They are generally performed by experienced people who are not directly involved in your marketing department.
In order to be a useful tool, a marketing audit should be conducted on a predetermined periodic basis. This is to provide regular updates and give you opportunities to improve the effectiveness of your marketing strategy.
You may also choose to conduct internal reviews and monitoring of the performance of your marketing. These can be conducted as frequently as you need, or even run continuously to provide a regular summary of success. By conducting analysis of your original goals with the actual results of your marketing you can set yourself benchmarks to improve upon.
You can implement strategies such as surveying customers to find out if the marketing campaign has had any influence on them as well as looking specifically at your sales records. You can then determine if there were new customers or more sales after the implementation of a new marketing scheme. You can then gauge if the time and costs associated with the campaign have been effective or if changes need to be made.
toolkit.smallbiz.nsw.gov.au/part/1/5/25

[anilla]

Effective feedback is critical for all of us to improve the job we do, maintain standards and learn from our mistakes. For example, if you’re a project manager you use the lessons learnt from each project to improve your performance on the next. Or you use ad hoc feedback from co-worker or your boss to modify your behaviour. You use sales figures to measure the success of a campaign. This process of review and feedback ought to be standard, but often isn’t.

As a manager, there are a few ways you can improve the feedback you provide:

• Make sure the feedback you provide is timely. Don’t wait for the end of a project if you can provide immediate feedback. This is particularly important if the feedback is about behaviour rather than process – make sure the situation is fresh in people’s minds.

• Make sure the feedback you provide is professional and constructive. If there’s a way to improve working methods, then make sure you help the individual or team to think through a solution. Consider whether there’s training that can be provided to improve project success or reduce the time spent on tasks. Is additional support required from the business in terms of resources or process improvement.

• Consider how else you can help going forward. Make it clear when you’ll provide more feedback, either on further changes needed or to support improvement. Do you need to set up a regular review process to formalise feedback, or you/the individual comfortable that ad hoc feedback will have the required impact?

Effective feedback can transform individual and organisation performance, so make sure you’re getting the most out of your people and projects.

sme-blog.com/guest-blog/the-importance-of-feedback-for-management-and-improvement


Ideas for new business ventures and opportunities can be seen in family and friends, buisness publicationw, successful entrepreneurs that are considered as role models, higher levels of management, professional associations, competitors and suppliers including resource suppliers, finance suppliers, people suppliers etc

(above from delievry information for monitor and manage small business operations s4.3)

[poonam]

Business opportunities can be online or be located in the real world. In general, business opportunities are the sale or lease of a product, service or equipment that enables you to start a business.Business opportunities usually involve a product and they may have a location, although the online world is quickly changing that. The assumption with a business opportunity is that there is a market for the product or service and there is the potential for profitMarketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behaviorThe task of marketing research is to provide owner / management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.

www.business-trader.com.au/business-opportunities.php