They lack vision about this happening and are surprised because they did not plan properly for the decline.I have therefore learned that business leaders must be more aware of the market. They have to realize that more labor and finance must be put into innovation. As a future business person, I would begin, before the end of the maturity stage, to begin market analysis. I would have to gain information about buyer behavior, begin market research, and observe the competition. This would give ideas about how to launch innovative products that would prevent very large losses in profit and revenue. Using strategy models like PEST, the Five Forces Model, and competitor analysis models would give new ideas about how to make a product with better benefits to buyers. Without being more attentive to this analyses it is likely the business would not be able to adapt to market conditions that change.I would like to learn more about how to conduct primary market research. I often hear about the importance of quantitative and qualitative data but I know little about this. My ability to read statistics and gather market data is limit which is important when coming up with innovative ideas. I think that I could improve learning by reading journals, studies, and books about this research approach to become a better business leader. King (2007) says that many business ideas fail because leaders do not understand all the inputs and outputs of a business. To know this a leader needs to understand how to gather scientific data and market data and be able to apply analysis to improve a business model and operations. It would be very helpful for me to gain knowledge about social and scientific research if the business that I manage is to outperform to competition and offer customers valuable products. Research is so very important if a business isto be profitable in its operating markets and have a competitive advantage.
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