You have probably found that taking decisions is much easier when you have all the facts you need. Take the simple example of buying a birthday present for a relative or close friend and having to choose between the red one or the blue one.
There is much talk amongst trade economists of value chains, supply chains and market structure. Market structure refers to a market overall and you will hear terms such as monopoly, duopoly, oligopoly, imperfect competition, and oligopsony and monopsony.
Technology transfer and licensing are closely related but are subtly different. Licensing allows the licensee to make use of the licensor’s intellectual property. Often the licensee wants to license the use of a specific technology though they might also be able to license the rights to use a brand name or a trademark or even a piece of music.
If you are planning to enter a new market, it is vital that you research your competitors thoroughly. This will help you differentiate your products or services from those of your rivals, identify any gaps in the market and plan your marketing strategy effectively.
The most successful businesses understand the needs of their customers. Consideration of how the market can be segmented is an aid to such understanding. It can also help you to assess the competition and locate gaps in the market.
Writing down a detailed plan may seem a difficult and possibly unnecessary task, but by clarifying your aims and ideas your business will be steered in the desired direction. In addition, a marketing plan can reveal some of the potential dangers ahead and ensure that you are prepared to deal with both the threats and opportunities which arise.
‘Marketing’ has a lot of definitions, but what they boil down to is an approach to business which emphasises the importance of attracting and retaining customers. Key to this is ensuring that any product offered to a customer is designed to meet their needs and is available to the customer where and when it is required.