Managing new ventures Essay Example | Topics and Well Written Essays - 500 words - 1

Managing new ventures - Essay ExampleThis research will be carried out by the transcription themselves or even by some external agencies.As customer is the King of any logical argument and as the establishment manufactures its products or offers its services only to sell it to the customers, they have to be studied as part of market research. That is, customers preferences regarding the products price, quality, packing, appearance, etc has to be studied and those information can be utilize while designing the product and also while formulating the trade campaign. Berman (2007) state customer preferences, buying habits, their demographics, language and other trends of particular markets must be evaluated.Intensive market research can enable an organization to identify the strengths and weakness of its competitors. By intellect those aspects, organization can have good information to the highest degree the things that were working out well for the competitors, as well as the th ings that has caused failures. With that information, the organization can design its products and its marketing campaign accordingly, thereby increasing its competitiveness. Moreover, the organization by avoiding the failed strategies can prevent any harm to them at an early stage.The process that can be used to do the market research is market side (McMahan 2006). According to McMahan (2006) market positioning process involves 5 steps an identification of the target market, a understanding of the competitive environment, strategy formulation for improving competitive position, establishing strong brand image, and development of a go forth chain program. This process can provide effective results because it focuses on all aspects of external environment and also the trouble of any organization. Unlike internal forces, external forces are not directly controlled by the management of an organization, so they need to be studied in-depth through this process to get effective