A successful business begins with a strong “Why”: a reason for being. A “Why” alone is not enough. It must establish a direct link with the consumer. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original EssayOne of the most important things that a company should emphasize is the importance of the product or service that would do the job that consumers hire it for. For. The second point to note is to avoid the pain that consumers normally experience in this work and also capture the gains for the consumer. Here are some of the indicators that might prove useful when launching a business: Customer segmentation: based on sociographically, demographically or geographically, we might look to define attributes like a common culture or behaviors common within the population. This type of classification based on relevant differences helps generate lasting profits. Channels through which the product or service reaches the consumer: It is very important to have a rough idea of ​​distribution and sales during the initial stages of the business and to decide the type of sales force that would be used. the consumer: establishing, maintaining and developing a relationship with the consumer can range from after-sales support to marketing and direct sales. It's about how the relationship is nurtured. Revenue Stream: If we successfully build 1, 2 and 3, we can combine them to generate sales, which is called revenue in business terms. Key resources: These include physical raw materials, intellectual resources such as patents, property rights, etc. and financial resources (money from sales) that will finance physical and intellectual resource needs. Key Activities: The key activities of any business would be to maximize its network and invest in R&D activities to keep improvising the product. Key Partners: Apart from the partnership with which the company must form, in order for its revenue and marketing to improve, the partnership with government regulations is also a major consideration. Cost structure: key activities, key partners and key resources determine the cost structure. For product-based companies, R&D is the major invested resource, whereas for service-based companies, employee payroll is the major investment. For everything a company controls internally, there is a swirling mass of external forces that it cannot. control, but you have to be aware of it, anticipate, mitigate and capitalize! We will use two main tools to identify and analyze this external environment: Porter's 5 forces and PEST. This analysis is what we call “Horizon Scanning”. Horizon analysis helps visualize the exact direction our business is heading. Thus, the prospective analysis takes into account the political, economic, social and technological aspects of the company as well as those of competitors; whether small or large scale, whether friendly or hostile, etc. Michael Porter developed a model in 1979 and companies still use it to evaluate an industry, to come up with goals and strategies to take advantage of key factors and trends - what Porter calls "strengths." He names four main forces that act as inputs: Buyer power: looks at factors such as the number of buyers, whether buyers are..