On Wednesday, a workshop organized by Asharqia Chamber, represented by the Women's Business Center, entitled "From Idea to Business Opportunity" a specialist discussed the importance of achieving a balance between costs and sales during the first years of the project, at the headquarter of the Chamber. The lecture was attended by a member of the Board of Directors Alanoud Bint Tawfiq Al-Ramah.
The Advisor and Resident Accredited in the Saudi Authority for Accredited Valuers, Ibrahim bin Abdullah Al-Zuhaimel, stressed on the need to study the idea of any project and try to prove the concept of the idea in terms of acceptance by the community to clarify the legal side to them in terms of violation or the existence of obstacles, and also the impact of technology on its work if applied as a project or the possibility of employing technology to serve the project.
Al-Zuhaimeel said that many factors are involved in the project's way of knowing how it will be and what its strengths are in the market or its weakness, the situation of new competitors in the market and the ability of suppliers to bargain, current competition and alternative products, and overall market size.
He pointed to the importance of knowing how the project owner will reach his customers by knowing the size of the market for each product, competitors and target segment, after determining the market share that is expected through the analyzes to be his share.
He also talked about the marketing mix of the product by identifying several factors such as price, promotion, distribution, packaging and payment, as well as elements that help to provide services and how to provide the service.
On the identification or determination of the capital of the project, Al-Zuhaimil said that the founding capital of the machines and the location of the project, as well as the operating capital of staff and raw materials, should be determined for a period of 6 months and compared to the project owner's personal capacity so that he can identify the main points of the beginning.
At the conclusion of the workshop, the board member Alanoud Bint Tawfiq Al-Ramah, honored the Advisor and Accredited Resident of the Saudi Authority for Accredited Valuers Ibrahim bin Abdullah Al-Zuhaimel with memorial shield.
