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A Pass / Fail Test for Any New Market
If you are considering entering a new target market, with anexisting or new product or service, it makes sense to firstsystematically analyze the market in question via somefundamental market evaluation criteria. It is not onlyrational but most cost effective to determine if a new marketpursuit makes sense for your company before any significantresources are further applied to the effort. A "pass or fail" test of your targeted market is recommendedwith your company's core management team collectiveinvolvement. Discussing the attributes of a given market andfurther analyzing the business logic behind your intention toparticipate in a new market will generate some veryenlightening conversation among your key decision makers.Having various management functions present for the discussiongenerates the most effective, broad base perspective,appropriate "next step" for this strategic decision. Besides further justifying or reducing your intentions to entera new market, weighing all the same attributes of any onetargeted market candidate against another target markets ofconsideration can lead to a pivotal decision for the futuredirection of your company. The opportunity cost of choosingthe "wrong" or "least rewarding" target market, given limitedcorporate human and financial resources, can make or breakyour collective ability to meet or exceed your company's shortand long term growth objectives. Again, effectively utilizinga simple, systematic evaluation checklist made up of some ofthe market attributes listed below can be most time efficientand cost effective. Our list of market attributes cover various business sectorsand should not be considered a complete listing. To make thisevaluation exercise most productive for your management team,first evaluate this list for relevancy and then add whatevernumber of additional categories or attributes that correlateto your company's collective business priorities, resources,risk/ reward tolerance levels and growth objectives. MARKET PRODUCT / SERVICE LINE ATTRIBUTES: MARKET CUSTOMER ATTRIBUTES: MARKET SERVICE ATTRIBUTES: MARKET COMPETITION ATTRIBUTES: MARKET GROWTH: If you want to further quantify this analysis you cannumerically weight each market attribute with your ownspecific market attribute priorities and then give numerical"grades" to any or all new market entry candidates tocalculate a weighted value for each new market opportunity. Evaluating new business opportunities should be a well thoughtout, straightforward, iterative process. Beginning theevaluation process with a simple tool to justify furtheranalysis is a prudent procedure. The more effective youranalysis, the greater the probability your strategic decisionswill maximize return on investment. About the Author:
Latest News:Site: Yahoo! News Search Results for news Guests on today's TV news shows (San Jose Mercury News) News ShowsLineup for today's TV news shows: ABC's "This Week": Democratic presidential nominee Barack Obama. Veterans for Obama to hold forum in Newport News Monday (The Virginian-Pilot) NEWPORT NEWS Two retired military leaders will make four stops across Virginia Monday in support of Democratic presidential nominee Barack Obama. Rear Adm. Jamie Barnett and Command Sgt. Maj. Michele Jones, both retired, will discuss challenges facing Virginia veterans, according to a news release from the campaign. At each stop, they?ll be joined by Virginia veterans. Get the latest news in racing (Daily Racing Form) In order to read Daily Racing Form's free daily news stories it is required that you have a DRF.com free membership. If you do not have a DRF.com free membership, please register here . You will NOT need to be logged in to read each day's free news stories. Good news for Johnson, but '08 over (MLB.com) Good news for Orioles' Johnson Ruling Party Predicts Big Win In Angola Election-News Agency (Nasdaq) LUANDA (AFP)--The governing MPLA party on Saturday predicted it will win big in Angola's first peacetime election, based on preliminary results it said it had seen, Portugal's Lusa news agency reported. Mid-American Conference News and Notes (The Sports Network) Mid-American Conference News and Notes UPI NewsTrack Entertainment News (UPI) ABC embracing 'Motherhood' ... Script work to delay '24' filming ... Two more 'Spider-Man' movies likely ... T-Pain wins big at BMI Awards ... News from United Press International. Journals week in review: news from One Microsoft Way (Ars Technica) In this week's top Microsoft news on Ars, we cover the Gates-Seinfeld ad, The Ultimate Steal, Internet Explorer 8, the Zune, a new non-laser mouse, SkyMarket, and OneCare. See inside for details on what's new with these products. Read More... Week in review: top news stories on Ars Technica (Ars Technica) It was a shiny, happy week in the world of tech news with the launch of Google Chrome and all the hype that surrounded it. We recap the week's most important stories. Read More... News Services (The Scottsboro Daily Sentinel) Letter to the Editor The Daily Sentinel welcomes your commentary. No letter will be published until authorship is confirmed. Press Release Submit your news and event information to The Daily Sentinel. Site: news - Google News Palm's new smart phone steals the show - MarketWatch
MORE RESOURCES: Site: Yahoo! News Search Results for marketing SearchDay: Online Videos as Learning and Marketing Tools (Search Engine Watch) Today's search engine marketing news and opinion: YouTube-ery: Online Videos as Learning and Marketing Tools; Change How You Think About Your Life and Company; MapQuest, Google Launch Blackberry Mobile Apps; and more. Lend a Hand: Use marketing skills to help nonprofits (Portsmouth Herald) It's hard to get attention these days, especially as a nonprofit with limited means. If you're a marketing professional with skills from graphic design to public relations, then you can make all the difference for nonprofits that need to share their... Wechsel im Marketing (FVW.com) Helen Bardtenschlager verantwortet ab sofort die Marketing-Aktivitäten von LAN Airlines in Deutschland. Ihre Vorgängerin Angelika Lucius geht in den Mutterschaftsurlaub. Pfizer: withdraws Zeven marketing applications (Pharmaceutical Business Review) Healthcare giant Pfizer has announced that the marketing applications for its skin infection treatment Zeven (dalbavancin) are to be withdrawn, pending another multi-center trial for the drug. This setback could cost Pfizer dearly: another trial could push the drugs launch date out to September 2010, five full years after its proposed launch date and just two years before its first patent expiry. Ag Society, IdeaLogic Marketing part ways (North Platte Telegraph) The North Platte Telegraph The marketing firm of IdeaLogic has handled the marketing and advertising efforts for the Lincoln County Fair for the past two years - but there won't be a third. Kmart names new marketing chief (Chicago Sun-Times) Ailing retailer Kmart has reached into the hotel industry for its new chief marketing officer. Next plots marketing revamp (Mad.co.uk) Retail giant Next is overhauling its marketing strategy in a bid to increase sales, following a slump in its profits due to the economic downturn. The importance of marketing to open-source projects (CNET) Open source may make better software, but marketing is what makes people care enough to download it. Powered Shares the Secrets of Successful Social Marketing Programs at Shop.org Annual Summit (Business Wire via Yahoo! Finance) AUSTIN, Texas----Powered, a leading provider of social marketing programs that drive measurable business results, today announced that it will be exhibiting at the Shop.org Annual Summit, taking place September 15 - 17 at the Mandalay Bay Resort and Casino in Las Vegas. Europcar UK plans major brand re-launch, strengthens marketing team (eyefortravel.com) Europcar UK Group has appointed Catriona Lougher as marketing director as the group strengthened its marketing structure in preparation for its multi-million pound re-launch in the UK in 2009. Site: marketing - Google News Columbus tech firm buys Dayton marketing company - Bizjournals.com
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