HOW TO EVALUATE ADVERTISING RESULTS Once a business owner has successfully designed and placed an ad (or had the ad successfully designed and placed by an agency), he or she will be eagerly awaiting the increased sales and advertising promises. While advertising can be an effective means of increasing profitability, […]
Marketing
HOW TO DEVELOP ADVERTISING BUDGET The advertising budget of a business typically grows out of the marketing goals and objectives of the company, although fiscal realities can play a large part as well, especially for new and/or small business enterprises. In some cases, your budget will be established before goals […]
THINGS TO CONSIDER IN CREATING A PROTOTYPE Prototypes are working models of entrepreneurial ideas for new products. A prototype is defined as “an original model on which something is patterned.” If you do not have the time, money, skills, or commitment to build a prototype of your idea, the odds […]
PROPRIETARY INFORMATION: HOW TO PROTECT TRADE SECRETS Proprietary information, also known as trade secret, is information that a company wishes to keep confidential or protect from those outside the company. The Uniform Trade Secrets Act defines trade secrets as “information that derives independent economic value from not being generally known, […]
IMPORTANCE OF A VERTICAL MARKETING SYSTEM A vertical marketing system (VMS) is one in which the main members of a distribution channel – producer, wholesaler, and retailer – work together as a unified group in order to meet consumer needs. In conventional marketing systems, producers, wholesalers, and retailers are separate […]
ORGANIZING TO OPTIMIZE MANAGERS’ SPAN OF CONTROL Span of control, also known as span of management, is a human resource management term that refers to the number of subordinates a supervisor can effectively manage. It is a particularly important concept for business owners to understand. Span of control is widely […]
THE IMPORTANCE OF A SALES FORCE A company’s sales force consists of its staff of salespeople. The role of the sales force depends to a large extent on whether a company is selling directly to consumers or to other businesses. In consumer sales, the sales force is typically concerned simply […]
USING ANNUAL REPORT AS A MARKETING TOOL Annual reports are formal financial statements that are published yearly and sent to company shareholders and various other interested parties. The reports assess the year’s operations and discuss the companies’ view of the upcoming year and the companies’ place and prospects in their […]
REASONS FOR BUSINESS FAILURE Business failure is defined as the closing of a business that results in financial loss for at least one of the business’s creditors. An associated term, business dissolution, refers to the formal termination or closure of a business as well, but with dissolution, financial loss (for […]
SPECIFIC EXPENSE ACCOUNT POLICIES FOR A SMALL BUSINESS Expense accounts, also called expense allowances, are plans under which companies reimburse employees for business-related expenses. These expenses include travel, entertainment, gifts, and other expenses related to the employer’s business activity. Of particular interest to businesses and their employees is the tax […]
