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Tag: First

Environmental Scanning: Very First Step to Start A Business

Are you planning to establish your own business? Want to become a successful entrepreneur? If yes then you must go through with the basic guidelines before starting up with your own business. Once you have decided to set up a business, it’s time to sit and create some plans. The first and the last rule Never dive directly into the market. Make proper plans in order to compete on this political corporate sector. Planning is thinking in advance in order to utilize the available resources in a profitable manner. Planning is the basic requirement for every decision to be taken. For any kind of help you can follow guide to starting a business. Following are the plans against which you need to think upon such as:

* Environmental scanning

* Choose a name for your business

* Pick a legal structure for the business

* Develop a business plan

Above mentioned concepts are very much vast, therefore let’s discuss the first one i.e. environmental scanning. In simple terms it is known as market search. It includes both internal as well as external environment. It also involves SWOT analysis of the market. S and W are covered under internal environment whereas O and T come under external environment. S: strengths, W: weaknesses, O: opportunities, T: threats are covered under the concept of market search or environmental scanning. Market research consists of analyzing the market to determine the acceptance/ rejection of a particular product or service. Market research is used to conclude about the purchasing power of the population based on the demographic features like age, sex, location, income level and many more. This information guides you to understand the number of current as well as future clients or customers.

The main aim of every business is to provide their customers with the maximum level of satisfaction. In order to satisfy the customers, they conduct market research so that they come to know about the customer preferences. Market research plays a very vital role in the business’s success. It is essential to look into the market in order to know about the customer’s needs and choices. You need to understand what customers actually want. Also you need to understand the changing needs of your customers in order to enjoy success. After knowing about the need of market research, you need to know how to conduct it. At the time of research, two types of data are available in front of you such as:

* Primary data: It refers to the first hand data that is collected from the origin itself. This data is collected from the potential customers. You can either collect the information by your own or you can hire some professional.

* Secondary data: It refers to the second hand data. This data comes from the organizations’ database, reports, and statistics and from many other sources. Also you can collect this data from the internet.

For an entrepreneur, the secondary method of collecting the data is free to use. After becoming a successful entrepreneur you can use primary method in your additional market research analysis. After knowing about the whole concept of environmental scanning, now you are ready to plan your next step. Be careful while planning your business strategies.

Thinking to start a new business? We are dedicated to helping you learn how to start a business and become an entrepreneur. Our guide to starting a business cover all aspect of business. Get started now.

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The First Victim Of The Ruble Crisis Offers A Bruce Willis Credit Card

Trust Bank, a small Russian lender, was bailed out by the country’s central bank on Monday. It is the first financial institution to be rescued since the collapse of the ruble, and the only to offer a Bruce Willis MasterCard.

The front page of Trust Bank's website has three Bruce Willises.


Via Reuters:

Russian mid-sized lender Trust Bank is to receive up to 30 billion rubles ($ 530 million) from the central bank to stop it going bankrupt in the first bailout of its kind during the current rouble crisis.

The central bank said its Deposit Insurance Agency, responsible for managing crisis-hit lenders, would take over interim supervision of Trust Bank as of Monday.

The Russian financial sector is being hit on multiple fronts. Financial sanctions, imposed in the wake of the country's annexation of Crimea, limit the ability of the banks to borrow in international markets. Meanwhile, the value of the ruble has halved in recent months, and the country's economy is sliding into a recession.

Any of these factors alone would stress a banking system, but in combination, they could be devastating. “Today, I can say that we have entered or are entering a real, full-fledged economic crisis,” said former Finance Minister Alexei Kudrin in a press conference on Monday.

The government is already preparing to inject funds into the banking system, and on Friday the lower house of parliament rushed through a draft law that would direct up to 1 trillion rubles ($ 16.5 billion) into the banking sector.

So many Bruce Willis pictures.

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BuzzFeed – Business

Chase Customers Will Get David Guetta’s New Album First, And Free

JPMorgan’s sponsorships division is on a tear this year, giving customers exclusive early access to Jay-Z and Beyoncé’s tour and now David Guetta’s new album today, set to drop on Nov. 24. The latest move is a partnership with Apple Pay.

One department within JPMorgan Chase has spent the better part of a year trying to remind its customers just how much it pays to bank with Chase. It isn't traditional marketing, advertising or even client service folks leading this charge, but the company's sponsorships division, known as Sports and Entertainment, that has given Chase customers special access to everything from the U.S. Open to Chicago Bears games, the Radio City Rockettes and their Christmas Spectacular, to, probably most notably, Jay-Z and Beyoncé's On the Run tour, which allowed Chase customers early ticket purchasing and other perks.

And now, in conjunction with Apple Pay, JPMorgan is tapping into a new audience in electronic dance music, giving Chase customers with an iPhone 6 or 6 Plus early, and perhaps more importantly, free access to 'Listen,' the latest album from EDM superstar David Guetta beginning today—three days before Atlantic Records' November 24 scheduled release of the album.

“We're offering 'Listen' the weekend before it comes out to the general public, if you have Apple Pay, you'll be able to listen to the whole album for free,” said Steve Pamon, JPMorgan's head of Sports and Entertainment. “It's a big incentive to be a Chase customer and try Apple Pay for the first time.”

As for why the bank chose to partner with Guetta, Pamon told BuzzFeed News that the decision was an easy one.

“For us, being a core bank around innovation and progressive movement, the chance to partner with David is just an opportunity we couldn't pass up,” Pamon said. “If you think about [Apple Pay], there's a target psychographic for that, folks willing to try new things and who are careful to think about what they do. David is on the forefront of using technology to make people happy. There's no better artist in the world that we think represents that.”


For Guetta, the feeling is mutual.

“Collaborating is a part of what I do in my creative process and it made sense to collaborate with partners Chase and Apple Pay to do something that has not been done before,” Guetta told BuzzFeed News. “I love innovation and reinvention, I've tried to do this with the songs on my new album 'Listen'. And it is a special treat for my U.S. fans who can get access to my album as a gift from Chase three days before it goes on sale and also open up my music to people it may be new to.”

Though the the bank invests a lot of time and resources into figuring out the best way to reach customers through its sponsorship programs, Chase didn't have to think too hard about its last major partnership effort, with Jay-Z and Beyoncé's On the Run tour, which offered Chase customers an exclusive presale to purchase tickets ahead of anyone else. Nearly 350,000 of them did—a massive number. The sponsorship decision for On the Run is emblematic of Chase's growing efforts in the space, something they've devoted more and more resources to this year.

Just last week the bank sponsored the Concert for Valor, a huge live event in Washington DC honoring veterans that featured artists like Bruce Springsteen, Rihanna, Eminem, Metallica, and Jennifer Hudson, to name just a few.

“We've always had an established base in sponsorship, if you go back 30 years, all of our brands have been involved with with sports, and now you're starting to see a real push for entertainment,” Pamon said. “We are starting to go where our consumers are going, with live performances and music. The On the Run tour was as close to a home run as you could get as far as partners, and we think David [Guetta] is the same way.”

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BuzzFeed – Business