Marketing & Sales
Know The Market
A crucial element of business success is "knowing your market." Usually, it is important to clearly define the target group(s) by characteristics such as age, gender, economic status, lifestyle, geography and other parameters. However, ours is an industrial good and not sold directly to the consumer.
However, marketing research helps us to assess competition and understand our industry. This knowledge is vital as we make decisions and forecasts for the future.
Information can come from existing sources (secondary research) or we may have to gather it ourselves (primary research). Most businesses need both to effectively develop a marketing strategy.
Doing research can cost time and money so we have to work it into our budget. This is one of the keys to a successful business.
Successful Marketing
Marketing is so important that a special marketing plan is necessary. This will help in evaluating where our business is currently, where we want it to go and how to get there. The marketing plan should also spell out the specific strategies and costs involved. The marketing plan can be integrated into our business plan as one comprehensive section. As with the business plan, it should be referred to regularly.
Successful marketing requires work and careful analysis. It is an opportunity to use creativity. Additionally, we must be flexible and willing to try a new approach if the old one doesn't work.
Setting Prices
Basically, prices should cover costs and provide a profit. This sounds easy but, unfortunately, there is no hard and fast rule for determining the price of goods or services. Pricing considerations include:
• Costs Of Doing Business
• The Profit Goal
• The Image Of The Business
• What Customers Are Willing To Pay
• What The Competition Is Charging
• Judgment, Based On Research, Of What The Market Can Bear
Know The Market
A crucial element of business success is "knowing your market." Usually, it is important to clearly define the target group(s) by characteristics such as age, gender, economic status, lifestyle, geography and other parameters. However, ours is an industrial good and not sold directly to the consumer.
However, marketing research helps us to assess competition and understand our industry. This knowledge is vital as we make decisions and forecasts for the future.
Information can come from existing sources (secondary research) or we may have to gather it ourselves (primary research). Most businesses need both to effectively develop a marketing strategy.
Doing research can cost time and money so we have to work it into our budget. This is one of the keys to a successful business.
Successful Marketing
Marketing is so important that a special marketing plan is necessary. This will help in evaluating where our business is currently, where we want it to go and how to get there. The marketing plan should also spell out the specific strategies and costs involved. The marketing plan can be integrated into our business plan as one comprehensive section. As with the business plan, it should be referred to regularly.
Successful marketing requires work and careful analysis. It is an opportunity to use creativity. Additionally, we must be flexible and willing to try a new approach if the old one doesn't work.
Setting Prices
Basically, prices should cover costs and provide a profit. This sounds easy but, unfortunately, there is no hard and fast rule for determining the price of goods or services. Pricing considerations include:
• Costs Of Doing Business
• The Profit Goal
• The Image Of The Business
• What Customers Are Willing To Pay
• What The Competition Is Charging
• Judgment, Based On Research, Of What The Market Can Bear