MARKET ANALYSIS Market analysis is a tool companies use in order to better understand the environment in which they operate. It is one of the main steps in the development of a marketing plan. The first step is to conduct market research – or gather information through direct mail, telemarketing, […]
Marketing
BENEFITS OF TARGET MARKETING FOR SMALL BUSINESSES A target market is a group of customers with similar needs that forms the focus of a company’s marketing efforts. Similarly, target marketing involves tailoring the company’s marketing efforts to appeal to a specific group of customers. Selecting target markets is part of […]
THE VALUE SELF-ASSESSMENT Self-assessment is a tool that involves performing a critical analysis of one’s own goals, interests, skills, and experience. Among its many applications in the business world are employee development, team performance, and organizational change efforts. But self-assessment is perhaps most valuable for would-be entrepreneurs considering starting a […]
STEPS TO IMPLEMENTING ENDORSEMENTS AND TESTIMONIALS Endorsements and testimonials are modes of advertising in which a business utilizes the statements and /or support of outside individuals or organizations in order to increase consumer interest in the product and /or services it sells. The term “endorsement” tends to be more frequently […]
DISCOUNT SALES AND THE COMPANY SALES FORCE Discounts are reductions that are made from the regular price of a product or service in order to obtain or increase sales. These discounts – also commonly referred to as sales or markdowns – are utilized in a wide range of industries by […]
HOW TO BUILD BRAND EQUITY Brand equity refers to the intangible value that accrues to a company as a result of its successful efforts to establish a strong brand. A brand is a name, symbol, or other feature that distinguishes the company’s goods or services in the marketplace. Consumers often […]
DECIDING TO USE AN ADVERTISING AGENCY FOR BUSINESS Advertising agencies are full-service businesses which can manage every aspect of an advertising campaign. They vary widely in terms of size and scope and cater to different kinds of businesses. Some agencies have one or major clients whose accounts they manage. Others […]
HOW A COMPANY’S RESOURCES CAN BE ALLOCATED IN A WAY CONSISTENT WITH ITS MARKETING OBJECTIVES (PART 2) Companies that achieve total market domination have all of the resources, including the personnel, the products, and the vision that are necessary to develop a world-class business. And they have a detailed step-by-step […]
HOW A COMPANY’S RESOURCES CAN BE ALLOCATED IN A WAY CONSISTENT WITH ITS MARKETING OBJECTIVES (PART 1) Companies that achieve total market domination have all of the resources, including the personnel, the products, and the vision that are necessary to develop a world-class business. And they have a detailed step-by-step […]
WHAT FACTORS DRIVE CUSTOMERS’ PURCHASING POWER? (PART 2) Many companies make the mistake of thinking their customers make purchase decisions based on one or two purchase factors that they think are key purchase criteria, such as price or product availability. But this is rarely the case. Customers usually base their […]
