Evaluating Your SWOT Through Competitive Shops

mystery shopper

Every good business plan has a SWOT analysis, a honest evaluation of the company’s Strengths, Weaknesses, Opportunities, and Threats.  Without an evaluation of these elements of your business, whether it is a new business or one that has been around for several years, the plan is really not complete.

While developing or revising a company’s SWOT analysis, a complete look of the competition is necessary.  By preforming competitive shops you can make sure that you are taking into account the companies that are trying to take your customers and your sales.  Now, I have blogged before about competitive shops before (take a look here and here), and I have specifically mentioned developing a in-depth SWOT analysis.  However, you cannot have one without the other.

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Using Market Research In Start-ups

start upLater this week, I will be teaching a class at Wake Tech Community College about finding job opportunities with start-ups and early stage companies. It is a class I have taught before with a lot of success and positive feedback. We discuss a variety of topics related to working with and understanding the general culture of start-ups, learning how to find them (as they are not necessarily well known) and profile ones that are hiring in the Triangle area.

We also look at the fact that, although any company could go out of business any day, start-ups tend to do it more frequently because of the market, newness of the companies, and just the general failure rates of newer companies. We specifically look at EvoApp. Now EvoApp, based on everything, should have been a company that was to be a survivor. It had a great idea when the company had started. It also had investment from solid individual and group inventors. It also had high profile customers and solid mentor-ship.

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Setting Up A Market Research Project

Science LabworkLast week I wrote about showing value in market research by creating actionable results.  In it, I mentioned about thinking with the end in mind.

I recently compared doing a market research project with the traditional “biology research project” we all did back in high school, in other words the Scientific Method. Read more of this post

How To Use Market Research in the Job Search

The JobSearchNow I am not really a reality show fan.  Personally, I do not find a lot of entertainment of people being “stranded” on an island or having to eat bugs to get to the next level.  However, I really enjoy Celebrity Apprentice.  The mix of celebrities doing business oriented task make it appointment television for me.  And every week, someone gets fired.  Now granted, with these people, they just go back to their day job of being famous and doing whatever they do.

Unfortunately, for the rest of us losing our job is a much bigger deal in our lives.  Most of us know at least one person looking for a new job right now.  In the US, over 12,673,000 (8.2%) are currently unemployed and another 7,672,000 who are working part time jobs, but wanting a full time job.   Read more of this post

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