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Opportunities in the
Marketplace
Awareness of Opportunities
Life is continuously
throwing up new opportunities in every industry for those who have the eyes to perceive
them. It does not require a visionary's genius, just an open mind and a will to see. New
opportunities are constantly emerging because society is continuously evolving, and the
rate of social development is greater today than at any prior time in recorded history.
Do
everything in your power to be aware of, understand, and take advantage of the
opportunities in the marketplace.
Awareness and Perception of Emerging Opportunities
in the Marketplace
There are a number of things
your company can and should do to foster the awareness and develop the perception of newly
emerging opportunities in the marketplace. For example-
1. Encourage your
clients/customers to speak out, and LISTEN to what they say. What do they like? What would
they like better? What are their problems? EVERY PROBLEM IS A POTENTIAL OPPORTUNITY.
2. Keep abreast of the
latest developments in your industry through conferences, seminars, and trade journals.
3. Do not restrict your
exposure to your own industry. Keep informed and observe trends and developments in
closely and distantly related industries that could conceivably have an impact on your
business.
4. Read the newspaper for
social trends and changes in life style, not just for hard news. Imagine what the future
could be if these trends continue.
5. Closely monitor the new
initiatives of competitors.
Definition of Products and Services
This component refers to
the capacity of the company to deliver products and services. It
includes the range and quality of products/services it markets, the
technical knowledge and skill of sales and service staff, and the
level of technology incorporated in its products/services and utilized
to carry on business.
Definition of Market
Market component includes
the company's relationship with existing and potential
clients/customers, its knowledge of changing needs and opportunities
in the market, the way it identifies and reaches its
clients/customers, the quality and speed of service it provides,
marketing, advertising, and the selling and management skills its
possesses.
Three
Levels of Relating to the Market
to Develop
Your Market & Products
The market
exists at three different levels.
-
At the first
level, the market consists of a finite number of recognized
needs, and companies compete to meet those needs. If your
company approaches the market from this point of view, its
growth is confined to the already established needs of the
market.
-
At the second
level, the market consists of needs which exist, but are
unrecognized by society and companies, and therefore are
unmet. Companies grow by recognizing those unfulfilled
needs, creating a general awareness of them and then meeting
them. What are the unrecognized needs in your industry? What
new dimension or incremental improvement can you add to an
existing product or service that will meet a latent need of
society or your customers and create a new market that does
not now exist?
-
Not every
company can create a new product or a new market. But the
third level of market is open to all. There is in every
industry a gap between what the market actually needs or
wants and what companies perceive it wants. That gap
represents fertile untapped ground for any company that can
become more conscious of the market's real wants.
When is the last time you really and systematically asked
your customers about their preferences? If it was not today
or yesterday, perhaps you should ask again. Put yourself on
the other side of the counter and looking at things from the
customer's point of view." The effort required is one of
careful observation, perception, and thoughtfulness.
Market Strategies for
Improvement
Here are a few key market strategies for business
improvement:
-
Examine management's assumptions, perceptions, predispositions
about the market, and determine to what extent they are valid.
-
Use one or more of the following Marketing strategies: Use,
improve -- marketing materials; advertising; trade shows; direct mail; market research;
public relations; etc.
-
Use one or more of the following Sales strategies: For Sales staff
-- increase their selling time, increase their numbers, increase their knowledge, skills;
engage sales reps, distributors; enhance customers' knowledge of what's offered; etc.
-
Expand our business within the segments we serve; or expand into
other segments; or expand our geographical area; or change the % of sales we make within
our existing client base, segments, or geographical areas.
-
Determine what the competition has going for it, and then exceed
them.
-
Evaluate new opportunities in the market--in terms of
acquisitions, new products/services, collaborations with others, etc.
-
"Attract" the market to us - by immediately implementing
cleanliness & organizing work to the next highest level; and by managing our finances
better. (This can invoke a response and make the market come to us.)
-
Determine what our unique strengths are, and incorporate this
information in our marketing and sales efforts.
The Market is There
for the Unselfish Thinker
The quest for knowledge
[in the world]
is there in a greater measure than before, in an unprecedented
measure. It is a valuable market for those who are willing to exert
themselves to cater to that market. That market is ubiquitous. It cannot
be known from the textbooks or college courses. It has to come out of
one's own thinking based on his own observation of others' needs. For
such a person, an unselfish THINKER, there is an ever-expanding market
in every sector. He who discovers it is the pioneer in that field. Even
a new packaging - the sachet - brought about revolutionary potentials.
Think, you can live better. (MSS)
Success is
for Those Who Dare and Act in An Aggressive (Seemingly
Oppressive) Market
Work goes to China from USA in pursuit of low cost. Jobs are
lost in the USA. The small US manufacturer goes out of business.
The nation faces this crisis. The national association of tool
manufacturers is called NTMA, National Tool Manufacturing
Association. They are of all sizes, from $2 million to $20
million. A few of the companies are worth between 70 and 100
million dollars.
In the view of the NTMA members, this crisis is a disaster and a
misfortune. We see it as the greatest opportunity for the
members. How can that be told to them?
Even if we manage to speak it out to them, of what use is this
sterile philosophy? Can we make them see that this is an
opportunity and inspire them to act on that basis? The facts are
on our side. We addressed their conference five years ago and
earlier seventeen years ago. Out of the 2000 members, we have
interviewed 40 or 50 of them. Several of them who were doing 2
or 3 million five years ago are now at 7 or 10 million dollars.
That is a fact. But there is another side to that fact.
Several others have closed shop. Many others are frightened of
the prospect of closing. The interviews clearly show that the
MARKET is aggressive, but expanding. Those who rise to the
occasion of aggressiveness are caught by the wave of expansion
and move from two million to ten or twenty.
Those who are timid, and cling to their old ways are wiped out
by the aggressively changing market. Success is for those who
dare and act. (MSS, edited)
Spiritually Attracting
the Market
An intense
call [to the Higher Consciousness] with faith will evoke a response from
the market. (MSS)
ARTICLE on Unlimited
Opportunities In The Marketplace for a Business
Also See Entries on Aligning with the Aspirations of Society
Also See Availing
Opportunities for an Individual
Also See the Role of the
Pioneer Individual
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