ASSIGNMENT

Business Diploma Assignment

[Name of the institute]

Implications of Market Analysis

1. Business do not start blindly, marketers have to analyse the market they want to enter. They have to do at least kinds of analyses and they are SWOT (Strength, Weaknesses, Opportunities, and Threats) and Pestle (Political, Economic, Social, Technological, Legal and Environmental) analyses. These tools provides with thorough in-depth information about the market as to whether the market has the compatibility matched with the company's aims and goals. The company gets to know what measures they should take to take maximum advantage of the available opportunities prevailing in the market. The competition in the markets is quite tough; one cannot afford any un-anticipated mistakes (Birn, 2004, pp.9-23).

2. As a marketer, you have to identify value system like your customers, vendors, supply chain and all other significant partners that participate in bringing your product/ service in the market. You must tune your marketing mix (product, price, place, promotion) by revising your internal and external targets. You have to also to identify what product you want to market and aim your target audience. Evaluate your the resources required and competition in the market. Analyse the results and select the best opportunities you can avail.

3. Entrepreneurial business works on the basis of highly innovative ideas. The manager has to have exceptional skills to manage people and build productive team. The leadership quality is the main focus. To find a suitable opportunity, entrepreneurs also have to follow the said steps mentioned in question2. They have to depend on workable partnerships which should lead them to achieve their set targets. Such managers have to be excellent at communication since they are the whole sole decision making bodies. Community collaboration will give them enough acceptances and make them accumulate the needed resources. The managers must make efforts to articulate their vision among their workforce and take them on-board (Hussey, 2000, 1-70). 4. The vision of any company gives it a concrete way to follow and achieve its set targets. The vision is the outcome of objectives of the company as to what they want to achieve with the help of the resources. Once they have identified their needs, they will have to collect resources smartly. They have to make sure that the opportunities they have selected should complement the objectives of the company. They cannot go for any opportunity that does not receive support from their 'strengths' in the context of 'weaknesses and threats'.

5. When the company does SWOT analysis, it tends to list down all possible strengths, weaknesses, threats and opportunities. This really helps them identify which opportunities they can avail in the current scenario. Today the market is flooded with excess of technology which gives most of the companies competitive advantage. They must evaluate first the strength of their brand, its profile, its positioning, possible best segments, most workable media tools and acquire at least a few competitive advantages. Try to analyse the needs of your customers and collect maximum evidence to support ...