Implementing A New Software Or Equipment Or Launching Your Own New Product

Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market.

An understanding of a competitor’s position can be a key for a business to determine where funding and resources should be allotted to create new products or services.

5. Analyzing the competition – You must know your competition as well as you know your own company. Knowing your competitions strengths and weaknesses will put you at an advantage, making you successful, increasing profit, and expanding your customer base.

When launching a new product there are several questions you need to ask yourself before taking the next step. You should make sure that the customers need the new product and make sure it worth the time and money you are going to put in it. You don’t want to invest in a product that no one needs. You should make sure no one else is selling the same product because it can prevent you from making a good profit. You need to make sure you can provide and afford staff for after hours service for sales and customer service. Know what kind of strategy your going to have when it comes to pricing your products and make sure your product can change with time and it’s not a one hit product. Once you have found the answer to the questions than you

Nevertheless, the company must assess their strengths, weakness, opportunities, and threats with relevant market research.

purchase of this product or service in terms that can be useful to a marketing manager.

A detailed description of the features of your product or service including how it solves the needs of your target market:

All business needs to take action which helps them keep good position on the market. Before taken any action analysis has to be made. Answers and data which were obtained during analysis can help chose strategies, which help achieve objectives.

Ideas are floating around; however there are a big difference between an idea that responds to a need of a community, and one that does not respond to any demand. It all starts with an idea that is validated as a potential source of revenue. Once that determination is made, the nest step is to start planning around the idea, how to turn it into reality. That step of the process will include all the research which will guide the way to the next step of the venture. Any research will include the positive and negative points of the undertaken, which area needs to concentrate on while building the firm. Having a solid plan , the firm can be operational, however it should be periodically revised to assured proper execution of the plan. The final phase is to manage the venture, market research should be an ongoing part of the process, that will assure continuity of the venture. Understanding customer behavior is foundational of the venture (Center for Entrepreneurship and Innovation, n.d.). The elements are placed in the order following a logical step by step process, a venture starts from an idea that is analyzed and understood to be worthy of development and productive. That goes through a planning phase with supportive research analysis that guides to the nest step of the process. The idea is now reality and growing and maintained through continued market research.

The next issue is market analysis; this should showcase a large knowledge of the industry and will be used while trying to seek out investors. The market analysis will require familiarity with the market and its needs. According to Michael Kerr the analysis should include the current state of the market and predictions for future fluctuations in the business. Specifics are important in the analysis and anything that could impact the outlook of the market should be included in the analysis. It should also include the scope of competition and how much money consumers tend to spend on the service of product. A good business plan must emphasize how a business will be able to meet the particular needs of the market to the satisfaction of its costumers. Ones business must be able to highlight its competitive advantages. A meticulous market analysis will allow ones business to define its market strategy.

In order to have a successful business plan industry analysis is crucial. Industry analysis is an assessment on the internal and external environments that directly affect almost all aspects of a business. By observing the analyses, the business owner can adapt to the market desires and gain a competitive advantage over competition. Everyday new products and services are entering the market that threaten existing firms. These new competitors bring knowledge of what didn’t work for the existing firms and build directly on that. This gives them a huge pre disposed advantage. The benefit of these constant new firms is a healthy rivalry that keeps prices down for consumers but constantly trying to uphold quality standards.

Discuss the potential audiences for a marketing plan and the needs of those potential audiences.

The final major area of analysis in market analysis is the industry itself. By knowing what is happening with competitors, a software company can adjust strategies to be more successful in the marketplace. Companies should know about market share percentages, strength and weaknesses, industry structure, and strategic groupings among other things to get a good picture of what the competitive environment is like. Strategic groupings can be in the form of alliances between product software firms.

There are many ways to analyze a business idea for viability. However, I want to give you as many tools as possible. Therefore, I think it is important to briefly discuss this useful tool in more detail. Which will make this material more useful and applicable in the latter chapters and actionable for building your idea list. You can also use this model to analyze an industry for weaknesses and strengths.

20. The best way to anticipate possible competitive responses is to identify all current or potential competitors and to put oneself in their own management’s shoes by conducting an internal corporate analysis for each of these competitors.