Product development and product diversification were the other two.
Keep the subjects simple and the range narrow. Formulate questions that give clear yes or no indicators i. Try to convert data to numerical format and manipulate on a spreadsheet. Use focus groups for more detailed work.
Be wary of using market research organisations as this can become extremely expensive. If you do the most important thing to do is get the brief right.
Establish your corporate aims. Business strategy is partly dictated by what makes good business sense, and partly by the subjective, personal wishes of the owners. There is no point in developing and implementing a magnificent business growth plan if the owners wish the business to maintain its current scale.
State your business objectives - short, medium and long term. State your business objectives - mindful of the trading environment external factors and your corporate aims internal factors.
What is the business aiming to do over the next one shorttwo-to-three medium and four-to-five long years? These objectives must be quantified and prioritised wherever possible.
You may project your aims or vision for your business further into the future of course, which is feasible for types of business which are reasonable mature, stable and predictable. For such businesses some people might regard four-to-five years as medium term rather than long term.
However, life and work and business and the world as whole all change far more quickly and unpredictably than in times past, so in some sectors notably those seriously dependent upon or affected by modern technology it's quite difficult to imagine reliably what your business will need to be like much beyond four or five years.
In the modern age it's not easy, and often is not sensible either, to establish very specific and detailed aims much beyond four-to-five years into the future, especially if your business is in a sector that is prone to external influences. Define your 'Mission Statement'.
A mission statement announces clearly and succinctly to your staff, shareholders and customers what you are in business to do. Your mission statement may build upon a general 'service charter' relevant to your industry, but it must also say what's special or different about your business.
Consider what you can be the best at doing for your stated target market or audience. The act of producing and announcing the mission statement is an excellent process for focusing attention on the business's priorities, and particularly the emphasis on customer service.
If your business is modern and good you will be able also to reference your organisational 'Philosophy' and set of organisational 'Values', both of which are really helpful in providing fundamental referencing or 'anchoring' points, by which to clarify aspects of what the organisation or business unit aims to do, what its purpose is, and how the organisation behaves and conducts itself.
You must define clearly what you are providing to your customers in terms of individual products, or more appropriately, services. You should have one for each main area of business activity, or sector that you serve.
Under normal circumstances competitive advantage is increased the more you can offer things your competitors cannot. Develop your service offer to emphasise your strengths, which should normally relate to your business objectives, in turn being influenced by corporate aims and market research.
The tricky bit is translating your view of these services into an offer that means something to your customer. The definition of your service offer must make sense to your customer in terms that are advantageous and beneficial to the customer, not what is technically good, or scientifically sound.
Think about what your service, and the manner by which you deliver it, means to your customer.
In the selling profession, this perspective is referred to as translating features into benefits. The easiest way to translate a feature into a benefit is to add the prompt 'which means that For example, if a strong feature of a business is that it has hour openingthis feature would translate into something like: Your service-offer should be an encapsulation of what you do best, that you want to do more of to meet your business objectives, stated in terms that will make your customers think 'yes, that means something to me, and my life will be better if I have it.
Your business plan, which deals with all aspects of the resource and management of the business, will include many decisions and factors fed in from the marketing process. It will state sales and profitability targets by activity.
There may also be references to image and reputation, and to public relations. All of these issues require some investment and effort if they are to result in a desired effect, particularly any relating to increasing numbers of customers and revenue growth. You would normally describe and provide financial justification for the means of achieving these things, together with customer satisfaction improvement, in a marketing plan.
Quantify what you need from the market. Before attending to the detail of how to achieve your marketing aims you need to quantify clearly what they are. How many new customers? Limit of customer losses?Whether to test market is a compromise between collecting more information, at considerable direct and indirect cost, to reduce uncertainty, and introducing the product immediately to make money.
B) Firms should just focus on production and selling because marketing occurs as a part of the selling process. C) Firms should have a proper marketing team that can increase consumers' awareness of their products and rouse their interest in them.
BRINGING YOUR BUSINESS TO MARKET IT’S RELATIONSHIPS THAT MAKE THE DIFFERENCE. Marketing is all about people connecting with people. It’s the . Marketing refers to the activities of a company associated with buying, advertising, distributing or selling a product or service. Definition. Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." The term developed from the original meaning which referred literally to going to market with goods for sale.
From a sales process. Our market development team was the best around and really pout the customer first in their thinking and planning ideas.
14 people found this helpful The market development in the developing country was increasing at an accelerating rate which meant that this expansion could be beneficial to us.