this just needs a reply to Market Share is the percentage of the total market is
ID: 1183166 • Letter: T
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this just needs a reply to Market Share is the percentage of the total market is being serviced by a company, measured either in revenue terms or unit volume terms. The higher the market share, the higher the proportion of the market you can control. Market Growth is used as a measure of a markets attractiveness. Markets experiencing high growth are the ones that do much better, these are the ones to look out for. With market share and market growth you want to study the company and ask yourself if you should be investing your time and money into a particular product, or product line. Just because it is making money now does't mean that you should put your investment into that particular product. You will want to distinguish if it is worth your investment by using the BCG Matrix so that you can better define where your money will go.Explanation / Answer
Running a business means taking some calculated risks which is called “Entrepreneurship”. A business is not 100% safe activity like a job where you sell your skill and time for a fixed paycheck. The basic qualification for running a business is having enough guts to face the ups and downs that you may experience while managing your business activities. Why, then, people start new ventures? The answer is for reaping the rewards that follow successful implementation of ‘Basic’ principles of business management. Let’s discuss some of these principles which keep encouraging many new entrepreneurs all over world to start new business , run it efficiently and achieve their career goals. Have a well designed business plan: Before starting journey you must know your destination. Are you working to grow your family business? Have you planned your small venture to grow fast and become a corporate house one day? Are you going to start a business with an aim to sell it after few years? Make a clearly defined business plan to focus on your ultimate goals. Know your strengths and weaknesses. Focus on your strengths. Make adequate financial backing that is required to keep you in business. These plans need constant review and updating. Keep motivated: You are not the first to start a new business; many more have done it in the past. Some of them might have failed but you can find many successful business owners around you. Get inspiration from successful people. Read their experiences – what hurdles did they face and how did they handle them to reach where they have reached. Plenty of information is available online to keep you guided. It is always better to learn from others’ experiences. Be positive and be flexible: Seeing brighter side of the picture is positive thinking. What do you call a bottle half full of water – half full or half empty? This will keep you always open to any new technology that may be beneficial for your business growth. Be flexible to consider new products or services and add it to your product range if your judgment so requires. Be open to adding something unique to your product or service that can give you an edge over your competitors. Be focused: Your prime goal of making a successful and profitable business should never be out of sight. Distraction might pull you back. Earning customers’ faith is utmost important which can be achieved by extending friendly and personalized service to your clients. Happy customers are your best business promoters. Have a vision: A successful business owner can see that his competitors can’t. Introducing new technology in your products and services can keep you much ahead of your competitors. Be a leader, not a follower.
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