THE THREE BUSINESS RULE

Feb 14, 2014 Emmanuel Opiyo Business 0

Given the changing trends in business and the market, entities must be aware of factors that may lead to their fall directly or indirectly in the present and future market .Nokia predicament in business today would have been avoided if someone in the management team would have realized that technologies changes so fast and should be equivalent to changing market trends. This said and done let’s take note of the three business rule that you must always consider in your strategy for the future.

Always Asses the market strength

In the development of any products that is meant to provide satisfaction to the consumer,always consider the consumer and how far that product will penetrate the consumer market. For instance, Safaricom being the most successful company I know off in Kenya and our present generations,have over time added value to there call product,mobile data package and its Mpesa services always tuning to suit the market changes making it an attractive entity over time. One needs to ask himself what the consumer needs today, tomorrow and the future to be able to solve changes in the market.

Always evaluate the Objective of the Entity

Time has a way of changing multi-million dollars companies into small entities or even none at all remembering Kodak a company which made million’s in its 19^th century heyday but was reduced to bankruptcy after the inception of the digital camera is an example of what time can do to hurt a business. The aims and vision of the company will always remain but the objective must be evaluated periodically to allow the company to grow with the changing times.

Always revise your product line

Your product line is your business and your business your product line. Ensure your product is in line with the current trends in the market, acknowledging that consumer habits change and there needs are attached to factors that include income, weather, pride, etc. These needs must to be noted and valued overtime to give feedback on the direction of growth and development.

This list is not conclusive but the three make the most vital pillars in assessing the next big strategy.