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Casual Articles - Ground Truth, and the Importance of Market Research
New Breed of CIOs to Provide Competitive Advantage and Ensure Sarbanes-Oxley Compliance ct with a red cover instead of a blue one, that people would buy it more often.Executive search firmsare now being asked to recruit a new breed of information officers to assist corporations address Sarbanes-Oxley compliance requirements and to compete more effectively overall in the age of Sarbanes-Oxley. Passed in response to major corporate scandals, The Sarbanes-Oxley act also known as Public Company Accounting Reform and Investor Protection Act of 2002 has redefined the role of the company CIO. Many of the most progre Another purpose of market research is to discover what your competition is doing. Say that you want to create a new type of office product and you think your idea is unique. Take a look at what’s on offer at the Staples, OfficeMax and Office Depot websites, and you might discover that your competitors have already created a product to solve the same problem as your product solves. Does that mean you should then give up the idea entirely? No, not necessarily. What it means is that you now have some ground truth about what you’re up agai Delegate, Don't Abdicate I know. I know you’re excited about your new business. I know you have a great idea and when you tell others about it, they think you have a great idea, too. A great idea is the birth of a new small business.One of the key skills for the leaders of growing businesses is to 'get' the distinction between delegation and abdication.Many managers and business leaders fall into one of two extreme categories:They delegate too little and try to do it all themselves or they give too much away, abdicating both their responsibilities and the prerogatives of power.As their businesses grow, many entrepreneurs try to micr But as a self-employed small business owner, you can’t afford to take chances on ideas without getting more information about what your entire market audience wants and what they’re willing to pay for it. Talking to 10 or 20 other people isn’t enough. You’ve got to talk to thousands. In the military and in NASA, they use a term called “ground truth.” While they can observe things via satellite and other distant monitoring devices, nothing beats getting down on the ground and seeing what’s really happening in real life. Here’s NASA’s explanation of how they use Ground Truth: http://asd-www.larc.nasa.gov/SCOOL/groundtruth.html So, how can you get ground truth about the viability of your business idea? The answer is market research. Market research is a study of your consumer’s preferences and your competition. Sometimes you’ll hear it called a “feasibility study.” Through surveys, literature research, internet research, and other information gathering techniques, you can learn the trends in your industry, as well as individual preferences of your potential customers. If you’re in a well-defined industry, like toy manufacturing, you might find that your national professional organization has already conducted research studies on behalf of the members of the organization. Why is market research necessary? Because we all have different tastes, different ideas about what’s important in our lives, and different ability (or willingness) to pay a particular price for what we want. Often the small business owner thinks they have a great idea for a new product or service, only to discover that people either don’t want that service or product, or they’re not willing to pay the price that the small business needs to set in order to be profitable. Sometimes they discover, joyfully, that not only do people want this new product or service, but that these same people can suggest other new products and services that would work well with the new idea, allowing the small business owner to see future growth into new areas. Or maybe they discover through their market research that if they made a small change in their product or service, for instance, making a product with a red cover instead of a blue one, that people would buy it more often. Another purpose of market research is to discover what your competition is doing. Say that you want to create a new type of office product and you think your idea is unique. Take a look at what’s on offer at the Staples, OfficeMax and Office Depot websites, and you might discover that your competitors have already created a product to solve the same problem as your product solves. Does that mean you should then give up the idea entirely? No, not necessarily. What it means is that you now have some ground truth about what you’re up again Are You A Dog Running A Cat Store? her distant monitoring devices, nothing beats getting down on the ground and seeing what’s really happening in real life. Here’s NASA’s explanation of how they use Ground Truth:A dog and a cat were having a conversation about how each other looks at the world. As they talked they discovered that each had a different view and different impressions about how life worked.Let’s listen in as they discuss how each would run their Customer Service Department.“I tell you, it ain’t easy being the dog” the dog was saying. He continued to lament, the cat listening somewhat attentively, as cats are prone to do, “I me http://asd-www.larc.nasa.gov/SCOOL/groundtruth.html So, how can you get ground truth about the viability of your business idea? The answer is market research. Market research is a study of your consumer’s preferences and your competition. Sometimes you’ll hear it called a “feasibility study.” Through surveys, literature research, internet research, and other information gathering techniques, you can learn the trends in your industry, as well as individual preferences of your potential customers. If you’re in a well-defined industry, like toy manufacturing, you might find that your national professional organization has already conducted research studies on behalf of the members of the organization. Why is market research necessary? Because we all have different tastes, different ideas about what’s important in our lives, and different ability (or willingness) to pay a particular price for what we want. Often the small business owner thinks they have a great idea for a new product or service, only to discover that people either don’t want that service or product, or they’re not willing to pay the price that the small business needs to set in order to be profitable. Sometimes they discover, joyfully, that not only do people want this new product or service, but that these same people can suggest other new products and services that would work well with the new idea, allowing the small business owner to see future growth into new areas. Or maybe they discover through their market research that if they made a small change in their product or service, for instance, making a product with a red cover instead of a blue one, that people would buy it more often. Another purpose of market research is to discover what your competition is doing. Say that you want to create a new type of office product and you think your idea is unique. Take a look at what’s on offer at the Staples, OfficeMax and Office Depot websites, and you might discover that your competitors have already created a product to solve the same problem as your product solves. Does that mean you should then give up the idea entirely? No, not necessarily. What it means is that you now have some ground truth about what you’re up agai Pharmaceutical Sales and Resume Services other information gathering techniques, you can learn the trends in your industry, as well as individual preferences of your potential customers. If you’re in a well-defined industry, like toy manufacturing, you might find that your national professional organization has already conducted research studies on behalf of the members of the organization.Who would be the best person to target if you are looking for a pharmaceutical sales job? A recruiter? Somebody from human resources? Actually, neither. The best target will always be the person who will make final hiring decisions for pharmaceutical sales positions which is the district sales manager. I know this for a fact since I was a sales manager and most of the pharmaceutical sales representatives I hired for my district were ones w Why is market research necessary? Because we all have different tastes, different ideas about what’s important in our lives, and different ability (or willingness) to pay a particular price for what we want. Often the small business owner thinks they have a great idea for a new product or service, only to discover that people either don’t want that service or product, or they’re not willing to pay the price that the small business needs to set in order to be profitable. Sometimes they discover, joyfully, that not only do people want this new product or service, but that these same people can suggest other new products and services that would work well with the new idea, allowing the small business owner to see future growth into new areas. Or maybe they discover through their market research that if they made a small change in their product or service, for instance, making a product with a red cover instead of a blue one, that people would buy it more often. Another purpose of market research is to discover what your competition is doing. Say that you want to create a new type of office product and you think your idea is unique. Take a look at what’s on offer at the Staples, OfficeMax and Office Depot websites, and you might discover that your competitors have already created a product to solve the same problem as your product solves. Does that mean you should then give up the idea entirely? No, not necessarily. What it means is that you now have some ground truth about what you’re up agai Balloon Your Profits for a new product or service, only to discover that people either don’t want that service or product, or they’re not willing to pay the price that the small business needs to set in order to be profitable.Balloons have a universal appeal that charm across all ages, income brackets, and race. I don't think there is another object of such simple joy that can elicit the same response from such a diverse group of people.Whenever we see balloons floating, we have to look at it, tell the people around us to look at it as well and our eyes will follow it across the sky until we can no longer decipher it from the clouds.I don't know about y Sometimes they discover, joyfully, that not only do people want this new product or service, but that these same people can suggest other new products and services that would work well with the new idea, allowing the small business owner to see future growth into new areas. Or maybe they discover through their market research that if they made a small change in their product or service, for instance, making a product with a red cover instead of a blue one, that people would buy it more often. Another purpose of market research is to discover what your competition is doing. Say that you want to create a new type of office product and you think your idea is unique. Take a look at what’s on offer at the Staples, OfficeMax and Office Depot websites, and you might discover that your competitors have already created a product to solve the same problem as your product solves. Does that mean you should then give up the idea entirely? No, not necessarily. What it means is that you now have some ground truth about what you’re up agai Leadership Lessons From The Poker Table ct with a red cover instead of a blue one, that people would buy it more often.Poker, the little game that took hold in the 1800’s, has grown into a global phenomenon. From card rooms to house games, from the World Series of Poker to the Internet, people are smitten with this game and as with most games, poker parallels life. We can, in turn, learn a lot from poker.On the surface, poker is a game of card hands, bluffs and strategic betting. Beneath the surface, however, poker is an intricate dance of risk managem Another purpose of market research is to discover what your competition is doing. Say that you want to create a new type of office product and you think your idea is unique. Take a look at what’s on offer at the Staples, OfficeMax and Office Depot websites, and you might discover that your competitors have already created a product to solve the same problem as your product solves. Does that mean you should then give up the idea entirely? No, not necessarily. What it means is that you now have some ground truth about what you’re up against if you want to go head-to-head with these competitors. You need to know the ground truth about your ideas before you spend countless hours and money taking a new product or service to market. I know that it feels like it’s putting a damper on new business idea creation, but in fact, it’s just the opposite: I’m encouraging you to find out what your customers want, and what they will pay for it, so that you can ensure future success.
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