Determine The Market Opportunity For The New Technology Development II

The things that create the market opportunity

After you have comprehend the prospect of the new technology you have to analyze the market to find out the trends that happen which can be used to create the better business plan and strategy.

The trend searching will give result on key trends that have the best opportunity to find the right market segment that will need the new technology that your business provide.

The keys that move the market are innovations, trends and every aspects that affect the market operation. These keys which are known as market drivers can make changes to market. In developing markets, most of these keys are subtle and hard to notice.

When building a new market segment, you need to recognize those keys that will make people to alter their habits and finally make organizations to alter their business strategies as well. Some of those keys or market drivers are commonly known as;

  • Economic trends like the rates which is fluctuate, costs and global market
  • Social trends which is influenced by personal preference, community, environment and population
  • Government policy such as laws, regulations and tax
  • Technological aspects such as technology development especially in computer and machinery technology
  • Conventional system such as wired communication or any outdated platform
  • Business process

 

Even if the market drivers can be recognized easily, it will be hard to choose less than five dominant factors that can truly make enough changes to move people adopt the new technology.

You must find the trends which can caused a lot of attention. The feeling of dissatisfaction with current technology and the desirable technology ability will make good attention to influence people to change their preference.

Many businessmen get overwhelmed easily with the various aspects that molding the market. But, you should narrow it down to the aspect that only affecting to your business market. This will make your organization to focus to the goal easier.

To recognize the aspects that move your market segment you need to find the answer for these statements below;

  • How the social, economic, technology and political aspect influence the market to use new technology?
  • What basic changes in end user habits which make them want new or better technology?
  • The trends that support new technology and create new market
  • Government, environment or global aspects that influence market in using the new technology

Determine The Market Opportunity For The New Technology Development

Technological development will always makes new business opportunity. This fact will improve organizations opportunity to make profits. Additional value will be applied if a new technology is incorporated to products or services with the right plan and strategies.

Some general benefits when applying the technology in to business process or product are; improving productivity, raising the profits, reducing the costs, and many other benefits. The market segments will grows along with the growth of business that incorporating the technology innovation.

There are few key aspects that should be notice when adding technology value to business to make sure the organization can improve their profits which are;

  • Define the real value of the technology that will be applied
  • The method of applying the technology to the business strategy
  • The change on people life when the new technology is applied
  • The improvement of wealth that could happen when the technology applied

 

The information from those aspects above will define the market opportunity. The better the technology value, the better opportunity to get profit from it.

This matter makes business to maximize the use of technology in to their business as part of their production or end product. The dynamics of this systematic conversion of technological ability into utility will creates new market segment.

To determine the market segment for your organization you need to find the answer of these propositions;

  • The ability of the new technology
  • The application of the new technology in to business company’s strategy, plan and abilities
  • Who will be getting the most benefits of the technology which will become the potential customers
  • The ability of the new technology which cannot be done by the current or latest technology
  • How the new technology will satisfy the end users much better compare to when they are using the current technology
  • How to make the end user realize their problems with the current technology will be solved by the new technology
  • The additional value of the technology
  • The estimation of new market segment’s value in current and future time

Marketing Budget For Your Business

When you own a business, you should make budget planning for marketing. Some people, believe that some businesses do not need to have marketing budget and believe that the business can introduce themselves to potential customers through location or spread from mouth to mouth.

Unfortunately in the competitive business world, this assumption is not right. We often see that business gone bankrupt and went out of business, despite it is located in a good location or it provide great product or service. At first the business seem successful and generate good profits, but after sometimes they are struggling to survive and finally went out of service.

For business people who do not believe in planning the marketing budget must ask themselves why is large company such as Ford and Nike setting up marketing campaign despite they have good products which are acknowledge by many people?

Other than promoting their product, one of the biggest purposes of those big companies doing marketing is to remind their customers about their products and create a topic so customers will keep talking and discussing about their products with other people.

Many small businesses and entrepreneurs would not plan marketing budget due to their overall budget is limited. Therefore, the often assume that they will not afford to set up marketing budget like any large companies.

The truth is to do marketing, they do not have to spend too much with large campaign. To start good marketing, you do not need to spend tens of thousands dollar to hundreds thousands of dollars just like the large companies do.

Your business can start your marketing campaign with couple hundred dollars per month or even less depend on the marketing’s frequency. If you cannot build the plan for marketing budget, you can find professional service that can do it for you that will be adjusted according to your budget along with the budget resource.

Establishing A Successful Business

Establishing a business will require constant hard work and dedication which will consume a lot of time that could make you hardly to take a break even for a while. It is not an easy path like what no matter what you believe about it.

If you want to use the short cut, you would be disappointed, disheartened and feel dejected by the cold fact reality that you dealing with. The result that you are getting is nothing but cruel lesson that telling you should not take the easy way.

At this moment the result of your effort is both nothing and something. As contradicted as it might be, it is the truth. In physical and financial terms, your business does not get anything, but in terms of experience and knowledge, you able to learn about the wrong way to run the business which become useful information that you can use in the future.

So, which method you must perform to operate a successful business? This issue is very important to achieve business success. You will never achieve success if you can find the right answer that can take you to achieve it.

You can follow other people path and knowledge about their journey to success, nevertheless until you can find the method that suit to yourself, then you still will not achieve the success.

So, you need to pay attention to some issues which will be mentioned below and find a way that can clear the problems that clouding your business knowledge. If you cannot clear the issues then there will be no change to your business situation.

Your business will not progressed and develop. Acting alone to reach the goals will not help you to solve the problems, instead you will worsen the matter. So, here are those issues;

What kind business that you want to do

It is the first thing that you must decide when you want to start a business. It will be better if you do a business according to the activity that you enjoy the most. Find out about the thing that you excited to and passionate about. This step is important that can give you whether success or fail.

The potential customers

As when choosing the business type that you want to operate you also need to know about the potential customers that will be interested with the business. If there is only small amount of people who will be making their purchase on your business, then you might want to do business with more than one niche or business with wider niche.

The location of potential customers

In online business, the clients can come from any locations that have internet connection. It is common for new business to get potential customers making a purchase. However with good and constant marketing can help the business to get good customers.

Making the potential customers come to your business

Many new business have difficulties in this issue at the start of their business. The business owner must to make proper research and then build a good marketing plan. The business longevity will be relying on how good the marketing campaign is.

Making the customers keep making their purchase from the business or repeat order

There are various options for this issue such as give the best service for the customers, keeping update with the current preferences and trends, provide the best price or bargain and many more. Each options will be depend on the type of business that you do, so keep making market research to keep the business alive.

The Importance Of Document Processing For Business

From planning to the creation of the company and every step of business operation, they all need documents. Document is needed to any transactions that have been performed. In every organizations, documents are available to provide information so the organization members can manage and control their task.

Without proper documentation, people will be difficult to manage and perform their work because the information about the task is not organized. Although document processing is not the main task of the business operation, documentation is a must thing to do in any business activities to manage all the data.

Retrieving, handling, processing and archiving the document will require a lot of cost and it is quite difficult not to mention annoying work. Document processing also has great influence to the business security and its life, therefore making sure the documents safety is a great task.

Collecting, categorizing, analyzing and archiving for future purposes is the basic tasks in document processing. Document processing will assist the organization member to control the invoices, payment receipt, inventory, sales report, employee management and many more.

Let’s find out on what the influence of document processing to your business organization;

With document processing, you will able to get the necessary information for the decision making easily. Therefore, management can decide things more accurate, effective and efficient to operate the business and take more business opportunities.

When the information can be retrieve easily, it can improve productivity of the business organization. Management will able to receive information quicker if the documents are processed and managed properly, so management can perform their duty more efficiently and make the business company productive.

Improve the client’s satisfaction with proper document processing. When your business company able to retrieve the right data quickly, the management also will able to make the decision quickly, so the company able to answer the client’s demand quickly and make them satisfy faster.

Proper document processing will help your business company to reduce some cost, improve business operation efficiency, and improve the client’s satisfaction. These advantages will help your business company to improve its flexibility and efficiency.