BUSINESS IDEAS AND THE MARKET ENVIRONMENT

WHAT IS A MARKET ENVIRONMENT?

This environment comprises all consumers of industrial and consumption products
and services. The following sources could help find ideas in the market environment.

1. Advertisement
Analyse advertisement in the newspapers and magazines. What trends are
emerging? Are people becoming more interested in a particular idea, service, or
product? Can you develop this idea?

2. Consumers
Talk to people and find out what is wrong with products or services they use and
how they could be improved. What services or products would they like to have?

3. Market Trends
What trends are emerging among consumers? Where are they moving to in terms
of residence? What services are they requiring? On what things are they spending
their money?

4. Industry and Trade Contacts

Contacts with customers in terms of discussions with existing and potential
customers can review what their needs and services are. You should be able to
discuss the reasons for their dissatisfaction with the existing.

5. Distributors and Wholesalers

Distributors and wholesalers are usually the first to hear from consumers and
retailers about the product weaknesses and improvements they would like to see or
buy.

6. Into new product

It is possible to imitate or improve products offered by companies competing in an
industry.

7. Trade shows and fairs

At trade shows and fairs one has an opportunity to examine the existing products of
competitors and also opportunity to talk to sales representatives.

8. Industrial Associations meetings

Normally, at industrial meeting and symposiums, there are discussions on
developments in the industry.
9. Professional Contacts
A number of professionals such as accountants, bankers, patent lawyers and
venture capitalists come into contact with persons who want to license patents or to
start business on new ideas.

10. Non-profit Research Institutes

These undertake research and developments for government and private enterprises
into new products and services as well as processes and ideas. Among these in
Zambia is the National Institute for Scientific and Industrial Research (NISIR) and
National Technology Business Centre.

11. Existing Businesses

Purchase of existing businesses is a quickest way to an new venture and putting in
place your business idea.

12. Franchises
This involves sharing a business idea with an already existing business idea and
business elsewhere and securing a licence from the owner and implementing it in
your local area under his/her direction and supervision.

13. Agencies
Many products and services are available in other countries but not where you are
situated, so you may become an agent.

14. Contract manufacturing under license

Some overseas manufacturers will allow their products to be manufactured under
license.

15. Networking
Where networks exist they can be a source of business ideas and contacts.