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Growth Online > Knowledge Base > Business Growth > Opportunities in the Marketplace
Business: 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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