A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. There is no business without a market where products or services provided meet their prospective customers and there is no market without products or services.
In an imperfect world where markets don’t exist we’d need to create not only products but we should also build a marketplace where the exchange could take place. Fortunately markets have evolved with human civilization from prehistoric times. There is evidence of the exchange of obsidian and flint during the Stone Age. Trade has its own, long and sometimes turbulent history which leads to our current environment where consumers and markets are abundant across the globe.
There is virtually nothing that cannot be sold. The only question is if that something can be sold for more than what it cost to get from the initial idea all the way to the consumer’s hand. While any of the involved factors from design and production cost, location, economy, etc. can be detrimental to a successful business model, matching products and customers is one of the most critical.
There are two phases of a business cycle when London BBD can effectively support your business to achieve maximum results in developing and selling products or services. As the previous sentence already hints, the first stage when markets need to be put under serious scrutiny begins with or before the initial idea of any product or service.
You might find the notion of scrutinizing markets before even knowing the product a bit puzzling but it’s still a valid statement. There are several instances when business development begins with the sense of trends that might be influential either to processes or markets rather than an actual product or group of products in mind. A well defined shift in technology or consumer behavior can create attractive entry points before developers identify actual products or the process can go the other way when development begins with an actual product in mind.
Regardless, if a product idea or a trend prompts you to start thinking about building a new business or extending an existing venture, a thorough market evaluation is needed. It is necessary to mention how many businesses fail because of the false perception of market opportunities. The toughest thing is to evaluate our own ideas, especially the ones that we find attractive.
A brief consultation can make a world of difference by pointing further steps in the right direction. If you want to build something that might take from several months to several years to complete don’t hesitate to contact us for a free consultation. An e-mail to us can save you more than you’d have ever thought and there is absolutely nothing to lose. Building, nourishing and growing markets is not only what can be done but it is also a must when you are running an existing and well established business.
In the information age no one can own a set segment of the market anymore. Numerous competitors target the same consumer just waiting for the opportunity. Market blindness is a dangerous disease that infects experienced business owners. The ever increasing sense of routine in our own business creates an interesting juxtaposition to the ever changing physical and business environment that surrounds us. Re-evaluating the market time and again is becoming more and more difficult from the same vantage point. Our MARKET Service has actually grown out of helping friends in existing businesses by providing them with a fresh, unbiased and forward thinking approach to their existing market.
As much as a complex market study or a meticulously detailed marketing plan is what you need, a brief consultation might be just the right amount of input for you. Sending us an e-mail means no obligation whatsoever and there is no person or business on earth who can suffer any loss by conducting a free consultation with London BBD.
Evaluate, Plan, Execute, Repeat! The process is always the same, and we are always here to support your business during those steps. While it is true that the earlier you give us a chance, the better we can assist you, it is never too late to contact us for an easy, inspiring and free consultation.