Tags |
|
|
Links |
|
|
Answer Upon - Do You REALLY Want to Enter That New Market?
It's a long word, entrepreneur, and it can be a bit intimidating, conjuring images of outgoing people who seem to always know where the next big thing in business is coming from. However, there are qualities to the entrepreneur that are in many of us, and you can find your inner entrepreneur and work toward a more satisfying career, whether you choose to work in a traditional format or open your own business.Develop Your Inner Entrepreneur Many qualities of the entrepreneur can be learned and developed. The spirit that drives successful businesswomen is sometimes an innate thing, and this shouldn't be disqualified. However, this spirit, when combined with personal drive and common sense business applications can lead to great things. You can encourage your inner entrepreneur and learn the tools.What makes an entrepreneur? While there is no set list,
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer service
* Technical support for state-of-the-art product/ service offerings can be in limited supply and very co
Becoming a fighter pilot isn't something that happens overnight. It requires lots of time, dedication and perseverance if you want to be successful. A special type of person is required to join such an elite group. Funnily enough, most people think that becoming a fighter pilot is mostly about flying, when in fact that isn't the case. You also need to successfully train as an officer. So you're primarily an officer, even if you continue on to be a fighter pilot. Your primary job is to defend the USA against its enemies, and any career aspirations are secondary to that.There are three possible ways to train as an officer - service academy, Officer Candidate School (OCS) or Reserve Officers Training Corps (ROTC). As a high school student, you should apply to a service academy if you want to become an officer. You can choose between the Air Force Academy, Annapolis (Navy &
Sometimes it is obvious that entering a new market is a “no brainer” or it is perceived as the “right thing to do” because a competitor has taken the plunge or a handful of existing product or service users, within that market segment, are asking for your market participation.
Taking on a new market is an integrative decision process, cutting across a broad number of competitive issues, internal company functions and various targeted organizational entities. A decision of this magnitude should not be taken lightly because of the overall affect it can have on the total direction of your company and prudent use of limited resources. The cost of making a wrong decision here can be significant both in actual capital outlays and the opportunity costs realized of NOT pursuing another, “better” market alternative.
In Al Ries and Jack Trout’s, “The 22 Immutable Laws of Marketing”, being FIRST in a new market is everything, first is best! Sometimes deciding to venture into a new market segment just because a competitor did only makes the same decision one of duplicate failure.
Anyone who has ever been involved in sales management knows that sales personnel have a tendency to sell what they don’t have … always trying to solve all of every customer’s problems no matter whether it makes financial sense for the company they represent or not. Marketing managers also have to learn to systematically justify entering a new market not because a handful of existing market participants have asked them to enter their market.
The first step in evaluating the overall merit of entering a new market should be to discuss and determine the applicability of these 14 market segment attributes:
14 Critical Market Segment Attributes
1) The number of products/ services required to effectively compete:
* Ideally the more “full service” you can be the better your chances of success
* Customers prefer “one-stop shopping”, if you cannot provide the complete customer solution package, they have little reason to switch suppliers
2) Capital required to effectively compete:
* Understand your costs to enter a new market before you assume your revenues
* Sales projections are typically too high and cost estimates too low in new business ventures
3) Long term sales potential:
* Accelerating advances in technology reduces long term customer retention possibilities. In many markets customer needs are constantly changing.
* Priority should always be give to retention of existing, short term revenue streams, ultimately the best means to fund potential long term growth
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer service
* Technical support for state-of-the-art product/ service offerings can be in limited supply and very co
You've heard the real estate clich?: the three factors that determine a property's value are location, location, location.Well, here's an instant clich? about creating value on the job: to succeed, you need to work, work, work.But there's more to success than 80-hour workweeks.You have to do the right things in the right amount to get ahead, according to employment expert Ramon Greenwood. He's a former Senior Vice President at American Express and author of the book, "How to Land Your First Job and Make a Success of It." He operates CommonSenseAtWork.com.Greenwood's insights, while especially relevant for new graduates entering the workforce, will help anyone of any age who has to earn a paycheck.Here are three of his most valuable tips for success on the job.1) Work hard at the right things."First, understand what it is you're doing a
In Al Ries and Jack Trout’s, “The 22 Immutable Laws of Marketing”, being FIRST in a new market is everything, first is best! Sometimes deciding to venture into a new market segment just because a competitor did only makes the same decision one of duplicate failure.
Anyone who has ever been involved in sales management knows that sales personnel have a tendency to sell what they don’t have … always trying to solve all of every customer’s problems no matter whether it makes financial sense for the company they represent or not. Marketing managers also have to learn to systematically justify entering a new market not because a handful of existing market participants have asked them to enter their market.
The first step in evaluating the overall merit of entering a new market should be to discuss and determine the applicability of these 14 market segment attributes:
14 Critical Market Segment Attributes
1) The number of products/ services required to effectively compete:
* Ideally the more “full service” you can be the better your chances of success
* Customers prefer “one-stop shopping”, if you cannot provide the complete customer solution package, they have little reason to switch suppliers
2) Capital required to effectively compete:
* Understand your costs to enter a new market before you assume your revenues
* Sales projections are typically too high and cost estimates too low in new business ventures
3) Long term sales potential:
* Accelerating advances in technology reduces long term customer retention possibilities. In many markets customer needs are constantly changing.
* Priority should always be give to retention of existing, short term revenue streams, ultimately the best means to fund potential long term growth
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer service
* Technical support for state-of-the-art product/ service offerings can be in limited supply and very co
Pallets are platforms that are used for transporting or storing things. They are used especially in industries like factories, warehouses, retail, food storage, grains, chemicals, pharmaceuticals, etc.Pallet racks are the stands where pallets can be stored. Each rack can effectively hold hundreds of pallets, depending on the size. Pallet racks are excellent for managing space within a warehouse or a store.There are different kinds of pallet racks: pushback pallet racks, selective pallet racks, pallet flow racks, reel racks, double-deep selective, carpet racks, seismic racks, bolt connection racks, boat racks, empty pallet storage racks, mezzanine racks, custom/combination racks, die storage racks, structural racks, drive-in pallet racks, and drive-through pallet racks.Every industrial application or area has different pallet rack needs. Hence, these can be custom
The first step in evaluating the overall merit of entering a new market should be to discuss and determine the applicability of these 14 market segment attributes:
14 Critical Market Segment Attributes
1) The number of products/ services required to effectively compete:
* Ideally the more “full service” you can be the better your chances of success
* Customers prefer “one-stop shopping”, if you cannot provide the complete customer solution package, they have little reason to switch suppliers
2) Capital required to effectively compete:
* Understand your costs to enter a new market before you assume your revenues
* Sales projections are typically too high and cost estimates too low in new business ventures
3) Long term sales potential:
* Accelerating advances in technology reduces long term customer retention possibilities. In many markets customer needs are constantly changing.
* Priority should always be give to retention of existing, short term revenue streams, ultimately the best means to fund potential long term growth
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer service
* Technical support for state-of-the-art product/ service offerings can be in limited supply and very co
If you follow these few key guidelines, you'll greatly increase the profitability of your marketing. Advertising can be tough, especially for owners of carpet cleaning companies. You know you have to advertise if you want to grow, but what else can you say in an ad besides how cheap your services are?Most ads are based on low price. Using a competitive price is a good way to gain attention. However, it confuses your prospect when all advertising messages about carpet cleaning are based on price. She wonders what makes your company unique. Use this to your advantage.How to differentiate yourself from the competition It's your job to tell your prospect how you are different. You have to develop a unique selling proposition (USP) that is completely unique to your company. It states what you do that it different from any other cleaner in your market. Sp
2) Capital required to effectively compete:
* Understand your costs to enter a new market before you assume your revenues
* Sales projections are typically too high and cost estimates too low in new business ventures
3) Long term sales potential:
* Accelerating advances in technology reduces long term customer retention possibilities. In many markets customer needs are constantly changing.
* Priority should always be give to retention of existing, short term revenue streams, ultimately the best means to fund potential long term growth
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer service
* Technical support for state-of-the-art product/ service offerings can be in limited supply and very co
Entrepreneurs understand how important it is to surround oneself with strong, dependable, loyal and able people. It’s been said that, in the heat of battle, the soldiers who stand by you are not the college kids and the pretty boys, but rather the ex cons, thugs, drifters and pimps. When the bullets are flying, somehow a PhD or MBA doesn’t make much of a difference.If you were about to trek across the ice to the North Pole, whom would you choose to be on your team? Whom would you trust with your life? Would you choose someone from Greenpeace or someone from the Marines? A “peacekeeper” or a warrior? I want the toughest character can find on my side, not some politically correct wimp who’s scared of hurting a tree or upsetting an owl’s nest. I want people who are serious about success, hungry, fearless, determined and very, very disciplined. How about you?The team you bu
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer service
* Technical support for state-of-the-art product/ service offerings can be in limited supply and very costly, difficult to staff
7) Degree of customer loyalty:
* Every market has a varying degree of customer loyalty depending on number and quality of competitive product/ service offerings
* Do key targeted users within the new market buy on product/ service value or well established relationships with existing suppliers?
8) Time required to get into the market:
* Product/ service “life cycles” in some industries last only a couple of months
* Can your company develop, test, certify and fill distribution channels of a short life cycle product/ service within the time frame required?
9) Anticipated competitive response:
* New market entrants are greeted with new competitive marketing tactics upon entry by established suppliers who seek retention of existing market share
* Will existing pricing levels remain once you have entered the market?
* How will market pricing degradation eventually affect your margins and ROI?
10) Number of viable competitors:
* If there are a relatively few number of viable competitors participating within the targeted market, it may more than
justify your market entry
* Sometimes it is less expensive to acquire an existing, resource limited, market participant than try to take market share with a new approach
11) Ability to maintain a technical advantage:
* Can you protect your technology within the time frame required to cover your new market entry investment?
* Maintaining technical advantages requires quality, technical talent. If your current technical staff is over burdened or limited you will not compete
12) Fit with existing company resources:
* Can your company absorb the financial, emotional and physical changes required to effectively compete in the new market?
* New markets often require new, certainly more, talent and personnel
13) Fit with established customer perceptions:
* How will your existing customers be affected by your pursuit of a new market and new customer base?
* It is critical to define and evaluate your existing customer’s perceptions of all your major strategic moves
14) Financial status of key targeted customers and market share mix:
* Are key targeted customers financially stable?
* Is there a diverse mix of new market participant market shares?
The justification of entry into a new market segment involves effectively identifying viable competitors, relevant target market attributes, competitor and key customer market shares while correctly defining your company’s current financial, technical and human resources.
For marketing and sales management this 14 market attribute checklist is more intuitive than measurable. However, it is an excellent means to initially come to a “pass or fail” decision before any additional resources are applied to any market expansion e
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.hubyou.info/article/29232/hubyou-Do-You-REALLY-Want-to-Enter-That-New-Market.html">Do You REALLY Want to Enter That New Market?</a>
BB link (for phorums):
[url=http://www.hubyou.info/article/29232/hubyou-Do-You-REALLY-Want-to-Enter-That-New-Market.html]Do You REALLY Want to Enter That New Market?[/url]
Related Articles:
How to Choose the Best Work at Home Jobs
Inside Sales, an Unrecognized Industry
Bookmark it:
|