There are many types of analyses that help to illuminate potential issues as well as areas of opportunity for a new business – one is known as a SWOT or Strengths – Weaknesses – Opportunities and Threats analysis. This type of analysis forces the executive team of any pharmaceutical company to brainstorm these critical items before launching a new company, new division or new product – which may help decide whether or not to venture into this new direction.
Strengths are attributes that are unique to the company, product or division in question. Some examples of strengths would be having …
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Use a Pros and Cons Analysis to Choose the Right Business Idea
Most entrepreneurial types have a million business ideas, and under pressure they could come up with a million and one. The trick to a successful startup is picking the right one for the time, resources, and market available when you are ready to launch. Very few businesses fail because the idea is not viable, but a great many opportunities are missed because the entrepreneur doesn’t take the time to evaluate the best idea to pursue given the circumstances.
Every startup requires time, money and hard work to succeed, but the road is much smoother if there is a sufficient, reachable …
How to Write a Business Plan – The Market Analysis Section
Your business plan will include a Market Analysis section. This is the portion of the plan that will require the most research; rightfully so, since it will be a true indicator of whether you have a viable business or not.
The business plan Market Analysis will include:
Clearly define your industry or market. Provide statistics of the size of the market. You should also document any trends or cycles and a forecast for future growth or decline.
Pinpoint your target market. You should get as detailed as possible in defining your customer demographics. Narrow it down to age group, gender, …