| Part two: Who are you selling to?
Prof John Mullins from London Business School says: "The most common mistake is falling in love with your product rather than thinking about the customer and what the problem is. "What you do need is insight into the pain that you are solving." This means market research, ie who will buy from you. Next week, we will cover how to assess the big market opportunity. This week will cover the niche opportunity - identifying the small group of consumers who are hopefully going to become your first customers. Brighton-based leisure industry entrepreneur Martin Webb says: "The whole term market research is something people are scared of." .
Jewelers focus on one-of-a-kind shopping
Richard A. Swisher checks the price of gold at least three times a day. Lately, record prices have been prompting the owner of Richard’s Jewelry to consider cashing in some of the gold pieces he sells at his Winchester store. "I could almost grind it all up for a profit," he told a customer who was admiring some gold necklaces in a display case one recent morning. Gold prices have more than doubled in the last two years. And some unsuccessful gambles on a few new lines of jewelry have left Swisher with a little more inventory than he would like. But as Swisher explains, he has to take his chances when he experiments with new lines and pieces. "We don’t try to compete with the big-box stores," he said. "You have to offer something different and better quality.
Jerome Kerviel: In His Own Words
On his belief that superiors tacitly encouraged his activity: "In July, 2007, I suggested we should bet on a fall in the market, but he [my superior] did not want to. My bet proved a winner, a cash generator.…I had taken a [trading] position anyway with the consent—or at least not contested by—my No. 1 [apparently a higher-level supervisor] who helped record the transaction.…The transaction proved fruitful, and thus it was authorized, indeed supported by the hierarchy. After that, I had to take positions every day. Even during my vacation, my manager was calling me to ask what position to take. The incentive to take positions was at a maximum." On why he thinks his superiors knew he was exceeding authorized limits: "I can't believe that my superiors weren't aware of the sums I was trading.
E-tailers' holiday season begins
Susan Denning doesn't know how she'll schedule her extra online time. She hasn't decided whether she'll come to work early, or make a few clicks during her lunch break, but she is determined to shop online today. Today is Cyber Monday -- the beginning of the holiday online shopping season. "You know I wouldn't tell you if I was going to shop during my regular work hours," she said. "But there might be some peeking at sites." Cyber Monday, a term coined by Shop.org in 2005, began after online retailers noticed a trend of people shopping online on the Monday after Thanksgiving. Since then, consumers have flooded Web sites on Cyber Monday and have come to expect robust promotions and specials that day, according to the National Retail Federation. The majority of online retailers will feature special promotions for Cyber Monday this year, according to the eHoliday Survey, conducted this fall by BizRate Research.
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L U D H I A N A S T O R I E S
The Khanna police today arrested two drug peddlers and seized 500 gram of smack from their possession. According to the SSP, the accused have been identified as Jagdev Singh, a resident of Ward No. 24, Khanna, and Balwant Singh of the local Gurbax Colony. The SSP said the police spotted two persons on a motorcycle, who tried to run away from the spot. The police got suspicious and caught them. After searching them, the police seized 500 gram of snack from their possession. The SSP said a case under the NDPS Act had been registered against the accused. During interrogation they reportedly told the police that they had bought the smack for Rs 80,000 and intended to sell it across Khanna. .
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