Please help Watch the video below https://www.youtube.com/watch?v=esPRsT-lmw8 Le
ID: 371990 • Letter: P
Question
Please help
Watch the video below
https://www.youtube.com/watch?v=esPRsT-lmw8
Let's imagine that Dr. Amen heard about our business development and planning skills and has approached our class to get some advice as to how he might structure a high level business plan for marketing the ideas he discusses in the video below. Specifically, let's talk about:
Answer these questions after you watch this video https://www.youtube.com/watch?v=esPRsT-lmw8
(1) What form of organization might he create to offer these innovative services?
(2) Should he consider going to a large health system, or would these services be better provided through a small business?
(3) Would partnership with a behavioral health insurer make sense for his idea?
Explanation / Answer
This video talks about the importance of market research for a new business. It helps a new business to anticipate and then minimize risk, to understand its customers. All these will lead to the new business becoming a profitable entity. Around half of new businesses fail in five years due to several reasons like lack of capital, poor cash flow management, too rapid expansion etc.
This video has educated me about the types of research that can be conducted - primary and secondary research. The video talks about the importance of carrying out both primary as well as secondary research. Primary research is done first hand and information is obtained through surveys, interviews etc. Secondary research uses already existing information in the form of journals, reports etc.
A business can commission a professional research to get information about customer base, market size, customer's preference, review of the recent history of the market and the level of competition. Factors like current state of economy, globalization and their impact on the market will also be determined. It will also include a trend analysis. So the questions that a new business should seek answers to are: how many customers are buying the product that the business intends to sell?, what is the market value?, what is the likely gross profit?, is the market saturated? Seeking all this information through market research will help a business make an intelligent and informed decision.