Monday, 8 February 2010

Why you should focus on the eight fundamental markets (Part 2 of 3)

Do not be afraid of selecting a demanding career path as long as it leads you to a crowded market. Before embarking on any long-term venture, make a pause and assess how that project relates to the eight fundamental human needs. Here is a check list that you can use.

[1] Food: the objectives of food technology are to increase productivity, quantity, and quality. Population growth, in particular in developing countries, requires higher agricultural output at lower cost. On the other hand, consumers in industrialized countries are demanding better quality.

Research and development efforts in the food industry are not focused only on production but also on distribution. Improved packaging and logistics are as important as better agricultural techniques. Still today, large amounts of food are ruined during transportation and storage.

[2] Health services: in addition to the development of new patentable drugs, efforts are being devoted to improving hospital management. Pilot projects carried out in the last decade have shown that a better organization of resources can slash patients waiting time at the same time that overall costs are reduced.

[3] Housing: the last decade has led to overbuilding in some areas and new construction activity should concentrate on the most profitable segments of the market. Pre-manufactured housing is still underdeveloped in many countries and can be expected to grow in the 21st century.

[4] Clothing: the internet has changed how the fashion industry operates. The separation of design and production is bound to continue during the next decades with an emphasis on increased speed. It is conceivable that, in the 21st century, the time that elapses from design to consumer purchase is reduced to a few days.

To be continued in Part 3


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