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Methods used to Analyze the Marketability of a Firm - Essay Example
Analyzing methods to determine marketability are as many and diverse as the industries utilizing them. Analyses can include some of the following: expert, similar case, industrial relationship, organizational, marketing, technical, consumer and consumption, competitive, strategic, and financial.
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. ...