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Casual Articles - Strategic Management: Critical Steps for Developing Competitive Edge and Innovative Strategies
Preparation of the Marketing Campaign: The Marketing Mix
The marketing mix: what and how to sell. A firm must standardize the marketing mix to produce cost savings and simplify logistics.The marketing mix consists of a set of strategy decisions made in the areas of product, promotion, pricing and distribution in order to satisfy the customers in a target market.International marketers must develop marketing strategies by assessing potential foreign markets and analyze the many alternative marketing mixes.Select target markets that the firm can serve at a profitFormulate combinations of tactics for product, price, promotion and distribution channels to serve those marketsTry to standardize advertising campaigns, promotional materials, and sales training programs so the work has to be done only once. There is a gain in efficiency when the same strategy is used in all markets.Product Strategies:The product is the central focus of the marketing mix. If it fails to satisfy the needs of consumers, no amount of promotion, price cutting, or distribution will persuade them to buy. If the buyer is not satisfied from what you say in your promotions will not buy anymore.Look into global markets, then try to make a single product or service for all of them.Analyze the type of product: industrial, consumer, or services.Technical industrial products can be sold unchanged worldwide, for example transistors. Consumer goods require grater
ecome profitable businesses, the good majority will fail in three to five years. What sets the long-term successes apart from the "one hit wonders"? The aThe marketing mix: what and how to sell. A firm must standardize the marketing mix to produce cost savings and simplify logistics.The marketing mix consists of a set of strategy decisions made in the areas of product, promotion, pricing and distribution in order to satisfy the customers in a target market.International marketers must develop marketing strategies by assessing potential foreign markets and analyze the many alternative marketing mixes.Select target markets that the firm can serve at a profitFormulate combinations of tactics for product, price, promotion and distribution channels to serve those marketsTry to standardize advertising campaigns, promotional materials, and sales training programs so the work has to be done only once. There is a gain in efficiency when the same strategy is used in all markets.Product Strategies:The product is the central focus of the marketing mix. If it fails to satisfy the needs of consumers, no amount of promotion, price cutting, or distribution will persuade them to buy. If the buyer is not satisfied from what you say in your promotions will not buy anymore.Look into global markets, then try to make a single product or service for all of them.Analyze the type of product: industrial, consumer, or services.Technical industrial products can be sold unchanged worldwide, for example transistors. Consumer goods require grater
Work From Home Plans: System or Scam?
More than likely you have seen them cropping up all over the internet: work from home schemes promising participants vast sums of money for selling a product, stuffing envelopments, clicking ads, making phone calls, etc. The plans are as varied as they are innovative. Unfortunately, many are scams meant to extract cash from your wallet and certain to leave you feeling miserable and stupid. So, just how can you make sure that a work from home plan is legitimate? By continuing to read on for some suggestions to help you avoid being cheated.Better Business Bureau – Check with your local Better Business Bureau {BBB} to determine whether the company has had any complaints levied against it. If it is an out of state concern, check with the BBB in the area [state] where the company is based.State Attorney General’s Office -- Every state has an Office of the Attorney General and in most cases it is this office that is tasked with investigating complaints against companies. Some states allocate this responsibility to their Bureau of Consumer Affairs agency or similar department.Online Forums, Blogs, etc. -- Google a search on the internet for the company’s name and narrow the results further by including negative words such as complaint, scam, judgment, etc. If a company is up to no good, likely that information has been published somewhere. Caution: too much praise about a company coul
Introduction Many intelligent people have extremely innovative ideas. Most ideas never make it outside of the brain. A few find their way to the development table. These people develop plans and grand schemes concerning how they are going to sweep the globe with their new, "totally unique and never before thought of" product or service, making millions of dollars in a few short years. Most of these projects never see the day of light. Those that are based in solid business fundamentals have a tough enough time succeeding for any period that makes an impact on the market. Of those plans that become profitable businesses, the good majority will fail in three to five years. What sets the long-term successes apart from the "one hit wonders"? The aMore than likely you have seen them cropping up all over the internet: work from home schemes promising participants vast sums of money for selling a product, stuffing envelopments, clicking ads, making phone calls, etc. The plans are as varied as they are innovative. Unfortunately, many are scams meant to extract cash from your wallet and certain to leave you feeling miserable and stupid. So, just how can you make sure that a work from home plan is legitimate? By continuing to read on for some suggestions to help you avoid being cheated.Better Business Bureau – Check with your local Better Business Bureau {BBB} to determine whether the company has had any complaints levied against it. If it is an out of state concern, check with the BBB in the area [state] where the company is based.State Attorney General’s Office -- Every state has an Office of the Attorney General and in most cases it is this office that is tasked with investigating complaints against companies. Some states allocate this responsibility to their Bureau of Consumer Affairs agency or similar department.Online Forums, Blogs, etc. -- Google a search on the internet for the company’s name and narrow the results further by including negative words such as complaint, scam, judgment, etc. If a company is up to no good, likely that information has been published somewhere. Caution: too much praise about a company coul
Disaster Planning For Small Business
No one knows just how many small businesses owners lost everything in Hurricane Katrina. No one knows how many will be able to come back from disaster. But the odds are that the ones who successfully rebuild there businesses will be the ones who had a disaster plan in place before the hurricane struck. A solid small business disaster plan has three components, protecting human resources, protecting physical resources and planning for business continuity.If you're a sole proprietor, your plans to protect your human resources probably dovetail easily with your plans to protect your home and family. However, if you have employees, you need a more detailed plan to estimate how long employees will be unable to get to work, what your policy will be for compensation while employees are out of work after a disaster, and how you will make payroll if computer systems and banks are inaccessible.You will also need an immediate disaster response plan to cover what you and your employees will do in an emergency and during its aftermath to protect life and limb. This plan should include things like administering first aid, food and water storage, establishing a company-wide meeting place and proper safety precautions that you and your employees should take during and after a disaster.Protecting your physical resources is more complicated depending on whether you own or lease the building that houses your business. If your build
to the development table. These people develop plans and grand schemes concerning how they are going to sweep the globe with their new, "totally unique and never before thought of" product or service, making millions of dollars in a few short years. Most of these projects never see the day of light. Those that are based in solid business fundamentals have a tough enough time succeeding for any period that makes an impact on the market. Of those plans that become profitable businesses, the good majority will fail in three to five years. What sets the long-term successes apart from the "one hit wonders"? The aNo one knows just how many small businesses owners lost everything in Hurricane Katrina. No one knows how many will be able to come back from disaster. But the odds are that the ones who successfully rebuild there businesses will be the ones who had a disaster plan in place before the hurricane struck. A solid small business disaster plan has three components, protecting human resources, protecting physical resources and planning for business continuity.If you're a sole proprietor, your plans to protect your human resources probably dovetail easily with your plans to protect your home and family. However, if you have employees, you need a more detailed plan to estimate how long employees will be unable to get to work, what your policy will be for compensation while employees are out of work after a disaster, and how you will make payroll if computer systems and banks are inaccessible.You will also need an immediate disaster response plan to cover what you and your employees will do in an emergency and during its aftermath to protect life and limb. This plan should include things like administering first aid, food and water storage, establishing a company-wide meeting place and proper safety precautions that you and your employees should take during and after a disaster.Protecting your physical resources is more complicated depending on whether you own or lease the building that houses your business. If your build
Sense Of Urgency To Create Your Life - Tap Into The Real Power
"You must take action now that will move you towards your goals. Develop a sense of urgency in your life.- Les Brown"You have only one life and one opportunity to create what you truly want. You can create anything you desire, but it takes total commitment to make it happen. This quote by Les Brown brings to mind how important it is to focus and take action.Get clarity in what you want. Once you are totally clear that your goals are what you want then put the Law of Attraction to work for you. Remember the Law of Attraction will bring you what you focus on regardless of rather it is wanted or unwanted. It is entirely about focus.The fuel behind the Law of Attraction is emotion. When you set a goal that is scary or exciting or motivates you to take action, then your chances of the goal manifesting increase dramatically. You can not get excited about something without a sense of urgency.Turn on the emotion of urgency, give absolute focus to your goal and just watch it manifest. But, take care in how you focus. You MUST see yourself as having what you are focusing on. Focusing on what you need and what you want will create more need and want and the end result is disappointment. Focus on the end result only. Focus on having, focus on being the person in possession of your goal and focus on how it feels to have it. Once you tap into this energy you will create the urgency of having it
nd never before thought of" product or service, making millions of dollars in a few short years. Most of these projects never see the day of light. Those that are based in solid business fundamentals have a tough enough time succeeding for any period that makes an impact on the market. Of those plans that become profitable businesses, the good majority will fail in three to five years. What sets the long-term successes apart from the "one hit wonders"? The a"You must take action now that will move you towards your goals. Develop a sense of urgency in your life.- Les Brown"You have only one life and one opportunity to create what you truly want. You can create anything you desire, but it takes total commitment to make it happen. This quote by Les Brown brings to mind how important it is to focus and take action.Get clarity in what you want. Once you are totally clear that your goals are what you want then put the Law of Attraction to work for you. Remember the Law of Attraction will bring you what you focus on regardless of rather it is wanted or unwanted. It is entirely about focus.The fuel behind the Law of Attraction is emotion. When you set a goal that is scary or exciting or motivates you to take action, then your chances of the goal manifesting increase dramatically. You can not get excited about something without a sense of urgency.Turn on the emotion of urgency, give absolute focus to your goal and just watch it manifest. But, take care in how you focus. You MUST see yourself as having what you are focusing on. Focusing on what you need and what you want will create more need and want and the end result is disappointment. Focus on the end result only. Focus on having, focus on being the person in possession of your goal and focus on how it feels to have it. Once you tap into this energy you will create the urgency of having it
Unemployment Leads to Depression
Being unemployed can lead to depression. I remember being concerned that when my husband became unemployed he would become depressed. Once you become unemployed several things could go through your mind: 1) you could think it was your fault you no longer have a job; 2) you are worthless; 3) you are causing your family to incur debt; 4) think no one will hire you; and 5) you have no motivation to go and look for a job.You sit at home and these thoughts bombard your mind over and over. The more you focus on these thoughts; it can lead you to become depressed. What can you do to pull yourself out of this depression? 1) look at your accomplishments prior to losing your job; 2) believe that you can do better than before you lost your job; 3) research your local paper, contact colleagues and find out if there are in leads on jobs in your field; 4) begin networking which might be new for you. I remember I had not really experienced networking in one particular job I had because of the nature of the job. One I lost that job and had to start over, I learned all about networking.You have to change your mind set about your situation. See it as an opportunity to do something different as well as putting new foundations in place. While you are unemployed put some systems in place that will lead to success.One of the areas that you will have to adjust is your finances. How do you s
that are based in solid business fundamentals have a tough enough time succeeding for any period that makes an impact on the market. Of those plans that become profitable businesses, the good majority will fail in three to five years. What sets the long-term successes apart from the "one hit wonders"? The aBeing unemployed can lead to depression. I remember being concerned that when my husband became unemployed he would become depressed. Once you become unemployed several things could go through your mind: 1) you could think it was your fault you no longer have a job; 2) you are worthless; 3) you are causing your family to incur debt; 4) think no one will hire you; and 5) you have no motivation to go and look for a job.You sit at home and these thoughts bombard your mind over and over. The more you focus on these thoughts; it can lead you to become depressed. What can you do to pull yourself out of this depression? 1) look at your accomplishments prior to losing your job; 2) believe that you can do better than before you lost your job; 3) research your local paper, contact colleagues and find out if there are in leads on jobs in your field; 4) begin networking which might be new for you. I remember I had not really experienced networking in one particular job I had because of the nature of the job. One I lost that job and had to start over, I learned all about networking.You have to change your mind set about your situation. See it as an opportunity to do something different as well as putting new foundations in place. While you are unemployed put some systems in place that will lead to success.One of the areas that you will have to adjust is your finances. How do you s
Decision Support Systems, Part 2 – Business Performance Analysis
In part 1, we described the approach to capture detailed information on ‘how successful the business was’ for a given time interval. The next step is to analyze the performance “why has the business been successful” or in lower level of detail “why didn’t product A sell as expected”.Factors which have contributed to the given business results are analyzed. Some analysis methods may be predetermined. However, as analysis proceeds, a need to apply ad-hoc analysis may arise.The availability of detailed performance facts, captured in their full ‘dimensionality’ (e.g. time, geography, product, Customer or Customer group, Business unit involved), upgrades the analytical capability and allows complex fact processing in order to analyse complicates issues.Analysis may involve specific issues, like:Why is revenue on a specific product or customer group, below expectations ?Profitability of a specific product or service – profitability comparison of various products or customer groupsWhy productivity of a specific product is lower than planned Analysis on the Customer profile to build customer insightAnalysis on Customer defection characteristics Analysis on production quality on a specific productAnalysis on a product introduction Analysis on a marketing campaign execution result Analysis may help identify deviations
ecome profitable businesses, the good majority will fail in three to five years. What sets the long-term successes apart from the "one hit wonders"? The answer lies in the business plan and how it is developed.In part 1, we described the approach to capture detailed information on ‘how successful the business was’ for a given time interval. The next step is to analyze the performance “why has the business been successful” or in lower level of detail “why didn’t product A sell as expected”.Factors which have contributed to the given business results are analyzed. Some analysis methods may be predetermined. However, as analysis proceeds, a need to apply ad-hoc analysis may arise.The availability of detailed performance facts, captured in their full ‘dimensionality’ (e.g. time, geography, product, Customer or Customer group, Business unit involved), upgrades the analytical capability and allows complex fact processing in order to analyse complicates issues.Analysis may involve specific issues, like:Why is revenue on a specific product or customer group, below expectations ?Profitability of a specific product or service – profitability comparison of various products or customer groupsWhy productivity of a specific product is lower than planned Analysis on the Customer profile to build customer insightAnalysis on Customer defection characteristics Analysis on production quality on a specific productAnalysis on a product introduction Analysis on a marketing campaign execution result Analysis may help identify deviations
Developing and exploiting a competitive edge in the market is the key to success. Without this edge, the chances of success are slim. Venture capitalists know this and therefore look long and hard for the things that set the "wanna bes" apart from the "could very well bes". Most start-up businesses that want to make a difference in the market need outside capital to get the operations running. In order to be successful in the fund raising venture, CEOs need to understand the fundamentals of developing and exploiting this edge.
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