Real-World Education for Modern Marketers

Join Over 615,000 Marketing Professionals

Start here!
Text:  A A
N E X T

Time to Audit Your Ambition

November 24, 2008  

"During your annual planning ritual do you study and analyze the current situation in your market and then move on straight to setting your goals?" asks Dan Herman in an article at MarketingProfs. "Common practice—but a big mistake!" According to Herman, this practice actually encourages underachievement by placing artificial limits on your ambition. "Nowadays," he argues, "most business successes result from early identification of market opportunities and a rapid and creative move to capitalize on them, maximizing profits."

Herman's methodology, called the Opportunity Scan (or O-Scan), comes in two stages:

  • What's now? The first stage involves researching and analyzing the current market situation.
  • What's possible? The systematic exploration of opportunities.

Answering these three questions will lead you from current reality to potential achievement:

  • What shouldn't be? Place everything from wasted resources to customer frustrations in this category.
  • What could/should change? In other words, asks Herman, "[W]hat are the outdated or plainly dumb unwritten rules of the game that the players in this market stick by?"
  • What could be? Determine how your company can excel with a product or service your competition is unlikely to develop.

The Po!nt: "With the insatiable growth imperative [and increasingly] competitive markets driving executives today," Herman wisely suggests, "companies must develop the ability to identify, create, and rapidly act upon market opportunities."


Source: MarketingProfs. Click here for the full article.

→ end article preview
Read the Full Article

Membership is required to access this how-to marketing article ... don't worry though, it's FREE!

WANT TO READ MORE?
SIGN UP TODAY ... IT'S FREE!

We will never sell or rent your email address to anyone. We value your privacy. (We hate spam as much as you do.) See our privacy policy.

Sign in with one of your preferred accounts below:

Loading...

Rate this  

Overall rating

  • Not rated yet.

Add a Comment

MarketingProfs uses single
sign-on with Facebook, Twitter, Google and others to make subscribing and signing in easier for you. That's it, and nothing more! Rest assured that MarketingProfs: Your data is secure with MarketingProfs SocialSafe!