Visualizing a company’s future most times help keep the engines of the company’s goal achievement running. The challenges presented by the ailing economy has made it crucial for business owners to gain adequate understanding of the business environment, customer demands, shift or change in customer’s buying habit, and the identification of new markets for their products. These strategies may be attributed to large or medium size companies that have now bought into the “outsourcing frenzy” to cut cost or identify other markets for their products. Small businesses could also enhance their survival by breaking down the silos of constrained target market.
The economy has made new product and market strategies more important now than ever for small business survival. Small business owners are faced with contracting market size and dwindling revenue; hence, breaking the marketing boundaries has become a necessity for small business survival.
Small business owners must go back to the drawing board, re-evaluate their understanding of why they are in business, their vision and mission, their product, who the customers are, and proper identification of the customers needs. Companies in the red ocean are now embarking on the following strategies:
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