Prior to carrying out mapped business plans and strategies, assigned personnel should take initial studies and surveys to check out the status of the marketing environment to which they shall be implementing such strategies. It is not solely about executing something that has crossed the minds of talented business professionals but rather is something that should fit in properly for the entire effort to be appreciated.
Despite combined efforts for feasible and attractive opportunities towards an external environment that shows much promise, analyzing the said consumers that make up the environment beforehand has. Determining the potential market of customers as well as the eventual purchasing power and at what P from the 4 Pâ€™s they will react to will be the driving forces towards ultimate and eventual success of the whole business endeavor. The essential research and development tools will be crucial as well, considering that a mistake in the calculation and forecasting techniques behind the business concept and perception may lead to potential problems and risks that will surely be issues that will be a cause for problems. It is not solely a matter of putting up the business and making them fully operational, rather it is how well operations can be expected to see and appreciate the efforts of the minds put behind the entire conceptualization theories by the research and development team all put together.
Links and References:
- Localization: The Revolution in Consumer Markets
- Customer Value Proposition in Business Markets
- Turning Great Strategy into Great Performance
- Inside the Mind of the Chinese Consumer
- Rediscovering Market Segmentation
Originally posted on October 12, 2006 @ 1:33 am