If I find that my business is not a complete success within the first few months, I may need to change a few things about it. I could change things like customer service (make it better via more training for staff), pricing strategies, re-evaluating and/or (if necessary) changing my target market to accommodate more specific types of people to buy my products. I could also get some new products in to try and attract a wider range of people (i. e. accessories), or alternatively I could try and get rid of some older products that I have had.
This could result in me losing money, but it could all be worth it in the end if it turns out to be the right move. I could also change my promotional techniques. This could include things like changing my advertising campaign, or just changing the way I advertise, in general. Strengths and Accuracy of Methods Used Product Lifecycle This could be the key to making my business work, but I do have to realistically evaluate if my product will stick to the diagram. The reality is that it is unlikely that my product will stick to the diagram, so I cannot completely rely on it.
The product lifecycle is an ideal scenario. It will have to accommodate for the fact that my product is unlikely to fall into each stage perfectly. The product lifecycle does not take into account any external factors. Market Research Even though I took most of my market research from customers coming out of my main competitor, Nook Car Accessories, I cannot assume that all of the results from my market research will always happen. This was only one sample on one day. These could, potentially be freak results, and totally different to what they would be like on an average day.
In the unlikely case that this is the case, it could have dramatically bad effects on my business, as all of the things that I will have based my business plan on (the market research) will have been all inaccurate and therefore of no use to me at all. Competitor Scan I think that the competitor scan that I did was quite accurate, and that I appropriately scanned all of my realistic competitors. I will hope to eventually eliminate all of these competitors and maybe one day, create a monopoly over the car market in the city of Newcastle upon Tyne.
The only thing about the competitor scan that I have to ask myself is, ‘Was I able to get all of the information that I needed? ‘ The answer is no, probably not, as obviously most of my competitors would not give me information that would help me with my business, because they could inadvertently end up compromising their own profits and sales.
For my business project, I used a number of sources to get all of my information from. I will list them below. Google UK – Wikipedia – http://www.Wikipedia.org