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Market Viability is the problem I see with businesses that is the most debilitating. Every market, product and service has a life-cycle. When business owners are really struggling it is generally because they aren’t paying attention to their market and the viability of their products and services. It is essential to understand where your overall market is in its life-cycle. A receding tide lowers all boats. It gets harder and harder for your business in a dying market, until one day your company dies out too.
It is also important to understand where your product/service is in the life-cycle. Has it matured and is not declining? Many businesses are built on one product. When that product dies out the company goes with it. How can you determine where your market and product are in the life-cycle?
Take a look at some of the tools available on this page. They can help and they are free. You can sign up for our Strategic Marketing Consulting Engagement by contacting us.