Analyzing business Opportunities Within Your Market

Published: 21st March 2011
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Business opportunities are widespread these days in the fast developing world in almost all the sectors. No second thought is given when an idea flashes to start a business because of the easily available and accessible resources. Before starting a new business analyzing the opportunities outside the field and within the field are very important in order to sustain and be reliable.

For analyzing the general market opportunities, SWOT analysis is done. SWOT stands for Strength, Weakness, Opportunities and Threats. Strength and weakness are the factors of a business that are within the direct control of the business people whereas Opportunities and threats are the factors outside of the business and an enterprise cannot take control of it. Examples of Strength and weakness should cover some of the aspects like products and services the business deals with, knowledge in the market, financial constraints, technological expertise and competition skills.

When we deal with threats and opportunities, few factors act as a hindrance to the enterprise. Example includes expansion of the product or service , regulatory changes in the conventional business, technological impact on the model of a business.

Once the general analysis of business is done, its very important to check out the opportunities within the market. After the analysis new strategies should be evaluated accordingly and should be put into action .

Within the market Opportunities can be broken down into these factors:

Target Market: As the business grows, action should be taken to expand it to the new horizons. Customer needs keeps changing and their needs should be satisfied.

Service or Product: Improvements and innovations for the either the product or service should be done frequently and in the need of hour. Research for new product or service development should be entertained at all the stages of business.

Competition: Sometimes the customers get decreased due to the reasons which canít be determined. Actions should be taken to keep them intact.

Pricing Options: Within our market, prices cannot be determined. Sometimes the competitors offer discount and sometimes they might not. Intelligent pricing options should be set in order to be ahead of others.

Distribution: In order to expand the business and make it global presence, the number of distribution channels should be increased and new channels should be emerged.

Geography: Geographic location of competitors business should be known and any reduction of their business in the countries and stated should be determined.

Developing Technology: In todayís developing trend, conventional purchasing of any product has started disappearing. Online options are available for purchasing and for the online transactions of money. The business should also be enhanced is a such a way to go along with the trend. Online accounting software like Numia is available for easy business transactions.

Business Relationships: New business relationships should be established. This will influence our enterprise in various ways like developing trust between organizations and foreign collaboration of our business etc.

Economical Factors: Unfortunately economical factors like recessions and raise or fall in the currency rate will affect the business. These conditions should be handled very professionally.

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