EW4

Some people think the only way to have success in business is to have a unique product.

What factors do you think influence the success of the business?

The purpose of the business is to generate revenue & profit. The successful business is considered to be the business that retained its growth under various circumstances and factors. I do not think the only unique product is enough to generate business.

There are several factors as I mentioned in my essay as First of all, whenever we think to start it we must have good planning in the term of the business it is called business plan. When we planned to start business the 1^st key factor that will impact will be the market condition, the economic condition of the country, the political condition of the country also impact on the businesses. The thorough market research before launching the product in the market is necessary to accomplished successful business. We must have good idea about our competitors, we must know their strength and weaknesses. We must conduct comparative analysis of strength and weaknesses before starting business. We must know well what are the opportunities available to penetrate in the market. The successful marketing plan is mandatory to compete in the market. The entrepreneur must have an idea about his expertise before launching the business. What will be the objective of the business? What outcomes they will have expected in the future? During making marketing plan they must have an idea about what will be there product line? What will be the prices of the product items? What will be the raw materials? How the raw material will be channelized to get the end product? Which type of procedures must be involved during the production? What will be the mode of the transportation involved in supplying raw material to the production house and from the production house to the ware house and ware house to the store? The careful planning at each level is required so the cost will be cut down at each level and the profit will be maximized that is the main purpose of the business.

Secondly, The management played an important role in the success of the business. The business success depends on the people management too it’s all about team performance not a single man show. The sincere contributions from all key members of the company is involved in the success of the business. The profile of the target market must be managed. Who are your customers? (social status, occupation, income, lifestyle, purchasing frequency, reason for purchase, when, where and how they buy? What is the average amount of money the customer will spend on the product yearly and monthly basis. It will be helpful to know the average revenue earned every month for this purpose determine the potential sales in the target market. The survey should be conducted to analyzed the Strengths must examine the Internal factors that positively influence on the performance or the performance of the competitors. These strengths represent the foundation on which to build the future of a business. Here are a few questions to ask yourself and your competitors. What do you do exceptionally well? What benefits set you apart from your competitors? What are your best resources? What are your strengths according to your customers? The Weaknesses must be examine the Internal factors that negatively affect your performance. These weaknesses provide important potential indicators for improvement.  What could you do better? What are the main criticisms raised by your customers, employees, providers, subcontractors, bankers, etc.? Where are you vulnerable? What promotional activities will be conducted to market the products? Examples radio, television, internet, social media,posters,borchures,businesscards,samples,tradeshows,networking,yellowpages,promotionalballons,special events, sponsors, loyalty programs. When and how often do you carry out plan to do promotional activities also impact on the sales of the business. The promotional activities budget also necessary to plan out unless you have to pay penalty of the unplanned activities and it will be harder to spent more on the planned activities.