Business survives only on revenue from the marketplace, and by ensuring that revenue outstrips the expense incurred in attracting it. A business could survive on its reserves for a time, but not for long. To this end, a business must monitor a range of critical factors, including:
1. What is happening to its source of revenue and its growth potential.
2. Who its competitors are, and the universal selling propositions (USPs) with which to fight that competition.
3. How to reach and win their customers, then deliver the products.
This External Operating Environment houses business research information about the market at large, the household market, the government market and the export market. It also explores the capital expenditure market, the intermediate market, marketing costs and intelligence.
Positioning one’s business in the market place is important to your business growth and strategic decision making.