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Item Upon - Analyzing Your Business & Market
To run a successful business, you must have guts. Guts means you have an entrepreneurial instinct which is an overwhelming desire to have your own business. Devotion is much more likely if you have a love for your intended business. You must also have a working knowledge about the basics of your business, and study your competition. Begin saving money by living modestly.Learn the different computer programs and basic accounting. Study all the up to the minute communication tools. Learn how to operate a web based E-Commerce business, including marketing. Prepare a written business plan for your intended business. Don't incur any new financial obligations above necessities. Don't sign any legal business documents without your lawyer's approval, d
Simply put, a market is a group of people with wants, needs, values, expectations, money to spend and the willingness to spend it. They will exchange their money for products and services for one of three reasons:
•To satisfy basic needs
•To solve problems
•To make themselves (or someone else) feel good.
It is most important to know your customers and potential customers and then give them what they want. In order to sell to customers you need to know:
•Where they live Writing The Book On Great Customer Service
Q: One of the big chain bookstores recently opened up near my small book store. Already I can see my business starting to decline. Is there anything I can do to compete with the bigger store or should I just accept the inevitable?
-- Peter Q.A: A wise man once said, "The inevitable is never a sure thing."Don't be so quick to close the book on your business, Peter. You probably can't compete with the superstore on volume of inventory or on price, but there are other things you can do to help keep the customers coming in your door. One of the best ways to ensure customer loyalty is to offer superior customer service.It's funny that you're a bookseller. Let me tell you about my last visit to one of the big chain bookstores just a fe
What business are you really in?
What are the relative strengths and weaknesses of your company?
What are the strengths and weaknesses of your products/services?
What are your company’s goals?
Identifying Strengths and Weaknesses
Company image
Products and services (including price)
Benefits to customers
The cost of producing these products or services
Management skills
Human resources
Business location
Facilities and equipment
Financial situation, including financing, cash flow and net profits
Setting Company Goals
Unrealistic vs. Realistic Inconsistent vs. Consistent Not Specific vs. Specific Not measurable vs. Measurable
To be successful make sure your goals are Realistic, Consistent, Specific and Measurable. It sounds easy but, it requires careful thought and honesty.
Analyzing the Market
In order to analyze the potential for your business, you need to answer some questions/requests to determine the data and methods you use to achieve your business goals.
1. What do you estimate the total market--in terms of numbers of prospective buyers and dollars--to be for your product or service?
2. If your business can be broken down into different categories, list the total market for each of these categories.
3. Has the market continued to grow over the last 5 to 10 years
4. State the growth as a percentage or total dollar volume. How does it relate to your business?
5. Are there any demographic trends to support your business concept?
6, Have there been any shifts in the economy that will likely make your Business prosper?
7. How will you attract and keep your customers?
8. How are you going to price your product or service, to make a fair profit, and at the same time, be competitive? 9. Will someone pay your price?
10. How can you expand your market?
11. Who are your targeted customers?
12. Within these targeted customers, who is typically the buying decision maker?
13. How large does the potential market have to be in the location you chose to set up your business?
14. What kinds of needs do your customers have and how will you meet them?
15. What kind of distribution is critical to the success of your business?
16. Will you offer credit to your customers (accounts receivable)? If so, is this really necessary? Can you afford to extend credit? Can you afford bad debts? Will your business be accessible through the Internet?
These are just some of the questions that need answers
Now you have to assess and examine your place in the market and the growth opportunities. There are two key components to understanding the market: knowing your customers and knowing your competition. Research information on both customers and competition is essential to creating an effective marketing plan.
Simply put, a market is a group of people with wants, needs, values, expectations, money to spend and the willingness to spend it. They will exchange their money for products and services for one of three reasons:
•To satisfy basic needs
•To solve problems
•To make themselves (or someone else) feel good.
It is most important to know your customers and potential customers and then give them what they want. In order to sell to customers you need to know:
•Where they live How to Help Your Company Become a World Class Company
Most people think real change in an organization occurs as a result of top-level leadership. This isn't always the case.Oftentimes, it's someone within the rank and file who stands up and challenges the status quo. Remember the old adage, "If the people will lead, the leaders will follow."Years ago I was the s?les manager for company with about 30 employees. The business was struggling, and a management consultant had been called in to try and get things back on track.In one of my meetings with the consultant, I told him about some of the things that were going on that I didn't agree with. I explained that even though we were all encouraged to be open and honest, I feared that what I had to say might cost me my job.His resp profits
Setting Company Goals
Unrealistic vs. Realistic Inconsistent vs. Consistent Not Specific vs. Specific Not measurable vs. Measurable
To be successful make sure your goals are Realistic, Consistent, Specific and Measurable. It sounds easy but, it requires careful thought and honesty.
Analyzing the Market
In order to analyze the potential for your business, you need to answer some questions/requests to determine the data and methods you use to achieve your business goals.
1. What do you estimate the total market--in terms of numbers of prospective buyers and dollars--to be for your product or service?
2. If your business can be broken down into different categories, list the total market for each of these categories.
3. Has the market continued to grow over the last 5 to 10 years
4. State the growth as a percentage or total dollar volume. How does it relate to your business?
5. Are there any demographic trends to support your business concept?
6, Have there been any shifts in the economy that will likely make your Business prosper?
7. How will you attract and keep your customers?
8. How are you going to price your product or service, to make a fair profit, and at the same time, be competitive? 9. Will someone pay your price?
10. How can you expand your market?
11. Who are your targeted customers?
12. Within these targeted customers, who is typically the buying decision maker?
13. How large does the potential market have to be in the location you chose to set up your business?
14. What kinds of needs do your customers have and how will you meet them?
15. What kind of distribution is critical to the success of your business?
16. Will you offer credit to your customers (accounts receivable)? If so, is this really necessary? Can you afford to extend credit? Can you afford bad debts? Will your business be accessible through the Internet?
These are just some of the questions that need answers
Now you have to assess and examine your place in the market and the growth opportunities. There are two key components to understanding the market: knowing your customers and knowing your competition. Research information on both customers and competition is essential to creating an effective marketing plan.
Simply put, a market is a group of people with wants, needs, values, expectations, money to spend and the willingness to spend it. They will exchange their money for products and services for one of three reasons:
•To satisfy basic needs
•To solve problems
•To make themselves (or someone else) feel good.
It is most important to know your customers and potential customers and then give them what they want. In order to sell to customers you need to know:
•Where they live Avoiding 10 Deadly Interview Mistakes
Too many job seekers set themselves up for failure before the interview ever takes place. They fail to target their audience, demonstrate relevant skills and experience, or present themselves in a way that grabs the attention of potential employers. Plan for success and avoid these ten deadly interview mistakes.1. Interviewing before you have a handle on your emotions. Get a handle on your emotions before you interview. Find a way to get past negative emotions –fear, worry, anger, and embarrassment—because they erode self-confidence. And an employer can spot them a mile away!2. Failing to research the company before the interview. Do your research and find out everything you can about the company and the interviewer before the interview.tal market for each of these categories.
3. Has the market continued to grow over the last 5 to 10 years
4. State the growth as a percentage or total dollar volume. How does it relate to your business?
5. Are there any demographic trends to support your business concept?
6, Have there been any shifts in the economy that will likely make your Business prosper?
7. How will you attract and keep your customers?
8. How are you going to price your product or service, to make a fair profit, and at the same time, be competitive? 9. Will someone pay your price?
10. How can you expand your market?
11. Who are your targeted customers?
12. Within these targeted customers, who is typically the buying decision maker?
13. How large does the potential market have to be in the location you chose to set up your business?
14. What kinds of needs do your customers have and how will you meet them?
15. What kind of distribution is critical to the success of your business?
16. Will you offer credit to your customers (accounts receivable)? If so, is this really necessary? Can you afford to extend credit? Can you afford bad debts? Will your business be accessible through the Internet?
These are just some of the questions that need answers
Now you have to assess and examine your place in the market and the growth opportunities. There are two key components to understanding the market: knowing your customers and knowing your competition. Research information on both customers and competition is essential to creating an effective marketing plan.
Simply put, a market is a group of people with wants, needs, values, expectations, money to spend and the willingness to spend it. They will exchange their money for products and services for one of three reasons:
•To satisfy basic needs
•To solve problems
•To make themselves (or someone else) feel good.
It is most important to know your customers and potential customers and then give them what they want. In order to sell to customers you need to know:
•Where they live 13 Comments on Bad Meetings
Bad meetings are a cultural malady that senior executives pass on to new
employees.Long pointless meetings are useful in that they keep incompetent people from
interfering with those who are working.An employee who needs permission to buy a box of paperclips can spend tens of
thousands of dollars worth of employee time on bad meetings.Many people attempt to save time by Not planning. This false short cut guarantees
that everyone will spend more time later.Unstructured spontaneity leads to serendipity, which (in business) leads to
bankruptcy.Meetings are a magnetic opiate that keep people from the tasks they were hired to
perform.The main activity in many meetings consists of simple chit chat. If itese targeted customers, who is typically the buying decision maker?
13. How large does the potential market have to be in the location you chose to set up your business?
14. What kinds of needs do your customers have and how will you meet them?
15. What kind of distribution is critical to the success of your business?
16. Will you offer credit to your customers (accounts receivable)? If so, is this really necessary? Can you afford to extend credit? Can you afford bad debts? Will your business be accessible through the Internet?
These are just some of the questions that need answers
Now you have to assess and examine your place in the market and the growth opportunities. There are two key components to understanding the market: knowing your customers and knowing your competition. Research information on both customers and competition is essential to creating an effective marketing plan.
Simply put, a market is a group of people with wants, needs, values, expectations, money to spend and the willingness to spend it. They will exchange their money for products and services for one of three reasons:
•To satisfy basic needs
•To solve problems
•To make themselves (or someone else) feel good.
It is most important to know your customers and potential customers and then give them what they want. In order to sell to customers you need to know:
•Where they live Travel Nurses
Traveling nurses are part pf a booming industry. With the rise in shortage of nurses in the United States and Canada, sending nurses to places in need or hospitals that lack the manpower is in demand. The slowing economy in North American has somehow helped the popularity of this industry.This industry has mutual benefits for both hospitals and nurses. As a nurse, you may want to find companies that can give you medical allowances and other benefits. Your travel expenses are also covered. You should be provided with allowance for lodging and food. Your salary is rated according to your experience in the medical field, and you are usually paid by the hour. You can receive about 20 percent more as a traveling nurse compared to a staff at the sameh opportunities. There are two key components to understanding the market: knowing your customers and knowing your competition. Research information on both customers and competition is essential to creating an effective marketing plan.
Simply put, a market is a group of people with wants, needs, values, expectations, money to spend and the willingness to spend it. They will exchange their money for products and services for one of three reasons:
•To satisfy basic needs
•To solve problems
•To make themselves (or someone else) feel good.
It is most important to know your customers and potential customers and then give them what they want. In order to sell to customers you need to know:
•Where they live
•Their age and gender
•Their occupation and level of education
•Their family size and description
•Their income (particularly disposable income)
•Their wants, needs, current buying habits
•How they spend their leisure time
When selling to another business, you need to know:
•The type of business and location
•Its products, services and annual sales volume
•The number of employees
•The specific needs of those who will use their product or service
•How purchasing decisions are made and who makes them
•Purchasing policy, including buying volume and seasonal buying patterns.
It is important not to identify your market as everyone and anyone. It’s difficult, and expensive, to let everyone know about your product or service. It is better, by far, to find the people most likely to buy your product or service.
As you look around there are lots of other companies vying for your customer’s attention. Your goal is to create value, a reflection of worth rather than cost. This is where you have to differentiate yourself. If there is no difference between you and the next guy, it all comes down to price.
As mentioned, it is also important to understand what the competition is.
In addition to the competition, it is useful to understand the bigger industry you are playing in as well as the environmental and regulatory climate.
Once you have chosen your target market and understand the landscape, how do you fit in? The easiest way to find out is to take a snapshot--- a SWOT analysis (strengths, weaknesses, opportunities and threats). Included in this should be:
•A cost analysis—what does it cost you to deliver the product or service?
•What are the financial resources and constraints of the company?
•What are your distinctive assets and liabilities?
•What strategic questions do you have?
There are other issues you must address including asking “What does the company stand for”? Clearly it is there to make money, but money is the byproduct of a well-run organization. A company that understands and operates from an ethical core will produce a sustainable business with satisfied customers, fulfilled employees, industry respect and the potential to do great things.
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