The Pursuit of Good Business

Overview: Article talks about a statement that “ Business is good”, but what exactly it means. Some possible meanings are: it is making good money, it uses good business practices/principles that work, it has a positive core ideology-good values, it has good opportunities for future growth etc. This paper focuses on last point that how can one generate and recognize a really good market opportunity to grow the business. It discusses different method used for the future growth. In business literature, there are numbers of opportunity screening devices that offers screens for the three stages of new product development opportunities. These helps to make wise decision about the contents of opportunity portfolio once the idea for an opportunity has been recognized in the development phase. Generation of "good" opportunity ideas requires positioning the organization with a systematic, common sense process that ferrets out possibilities, a culture that fosters a willingness to fail, a recruiting method that seeks curious, intelligent "sponges" and a work ethic that just won't stop. One mechanism for generating opportunity ideas is the "Adjacency" approach. It promotes the fundamental premise that successful market strategy starts with protecting the Core Business through seeking growth in Core Business adjacencies. The "Adjacency" methodology systematically explores all of the dimensions of doing business in markets related to the Core Business and prepares a map of possible growth opportunities as one move outward from the Core in each dimension.

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Format: HTML | Date: Jan 2003 | Pages: 1