The operating plan describes the resources required to achieve the financial and marketing plan. Major resources are physical necessities, organization, processes, technology and people. Examples are facilities, suppliers, inventory and equipment. For a service business major resources will be people, scheduling, information management and customer service operations.
Making outdoor advertising to stand out to the crowd Outdoor advertising is a great way to bring your message outside (quite literally) and direct it toward people en masse. Whether geared to pedestrian or vehicular traffic, or both, outdoor advertising can bring about tremendous exposure as long as it has been done properly.
Promoting Your Business For Maximum Exposure and Brand Awareness Everybody knows that promoting your business is a vital element to any company’s survival, but actually accomplishing this goal isn’t quite as obvious as setting it. There are so many different marketing techniques that are currently available, that it can be difficult to narrow them down […]
When many companies think of marketing, radio advertising is rarely at the top of the list of techniques that come to mind to promote their business. Especially with so many other techniques readily available online with email, social media, and site banners. Comparatively, radio advertising can seem rather antiquated.
Flexing the muscle of TV advertising to reach prospective customers. TV advertising has come a long way over the past few decades as the understanding of its efficacy has evolved while the popularity of television has grown. In fact, recent Ball State University research demonstrated that while the use of the internet has skyrocketed over […]
Product Product Portfolio is a strategic group of products the company offers to its target customers and creates value for its stakeholders. The product portfolio can be made of related products/services or groups of unrelated products/services in case of large diversified companies. Planning and developing product offerings is a critical marketing function and has long-term […]
Gathering Market Information When doing marketing research you need to plan how you are going to collect the required information. Marketing Analysis and Research are the starting point of developing any successful marketing strategy. Your Marketing Analysis will be as good as the information you will gather for your analysis.
Developing value for your customers Once the business identifies customer needs and preferences the next step in the process is developing value proposition. The Value Proposition is related to the positioning strategy of the business which takes into consideration the target customers, direct and indirect competitors and general market trends (current trends and future predictions).
Customer Retention Rate is the percentage of the total number of customers who continue to do business with the company over a specific time period. The specific time period is determined by the company’s specific business and average frequency of purchase by the customers. Retaining customers (reducing customer turnover) is critical for profitability and business […]
Performing Customer Segmentation Analysis and dividing your customer base into different segments based on different criteria is a great exercise for discovering profitable segments and alternatives for growth in those segments. Customers within one customer segment have similar characteristics and are driven by similar needs and preferences. Analyzing and understanding your customer segments can give […]