Methods used to Analyze the Marketability of a Firm Essay

Methods used to Analyze the Marketability of a Firm - Essay Example Interviews, by mail and on-site, were conducted to determine the demographics and characteristics of the typical angler. Discovering the motives of paying anglers proved to be beneficial in the analysis (relationship). This analysis will assess needed requirements and how well they are suited to the company's capabilities. Organizations can use this data to choose ideas and products which match their technical support, leading to competitive advantages. This analysis will also help to determine whether in-house or external technical support is the most feasible. A number of methods can be used when conducting a technical analysis. Checklists, scoring tools, environmental scanning, and decision-making models (as used by the West Virginia Department of Forestry) are some of the most widely used methodologies. A company should not, however, make the technical analysis its main focus. The analysis may show the firm's marketability in a glowing light, but this opinion may not be equally shared by its customers. A case in point is RCA's introduction of their quadraphonic 8-track system in 1970. This product issued booming marketability for RCA; however, predictions for future technology were not illustrated on their then-technical analysis. Collection of market data on products and ideas are essential to determine marketability. ... This product issued booming marketability for RCA; however, predictions for future technology were not illustrated on their then-technical analysis. MARKETING ANALYSIS Collection of market data on products and ideas are essential to determine marketability. If a company isn't competent in marketing skills, it will not succeed. An example is the largely-populated country of China. They can offer numerous opportunities; however, it has been quite challenging for the Chinese to market their products in their own country. Marketing challenges must definitely be addressed. Each concept requires different marketing data and strategies. Very much like the technical analysis, checklists, scoring tools, and environmental scanning are effective tools. A decision-making resource, such as the Analytic Hierarchy Process (AHP) is also beneficial. Always keep in mind that a firm is never marketable without customers who are seeking your products or ideas. It's also crucial to analyze your target customer base and the demand and supply of your products. FINANCIAL ANALYSIS The primary goals of an organization are to produce a profit, increase sales and customers, and to show a return on their investment. To be marketable, a firm should set financial guidelines. To get an accurate financial analysis, much financial data is needed. Budget goals must be set and met. Benchmarks must also be laid down to agree with financial returns put in place. The most widely used financial analysis methodology is the Net Present Value method (NPV). This method associates the monetary benefits and expenditures against the products. The product's NPV is then weighed against the interest rates and the