BUSINESS SENSE
“Market Strategy” – Week 5
Nancy Larsen, Enterprise Facilitator of SEFP

If you do not know where you are going in business and how you will get there, you are already lost. What kind of image does your business have? Are you: inexpensive, exclusive, customer service oriented, high quality, convenience or fast? Evaluate and list the features.

Today’s customer wants services and what do you provide? Businesses going above and beyond what is expected realize the greatest return. List the benefits of buying your products/services over your competition. Do your customers need product/service performance, a cost or time savings, ease of use, reduced waste etc.

What pricing strategy will you use? Is it a percentage markup based on cost, competitive pricing, below competition or premium priced? Are your prices in line with your image? What is the percentage of profit margin you allow?

What type of advertising gives you the best response for the dollars spent in your industry? Do your potential customers watch television ads, listen to the radio or respond to direct mail, internet, magazines, newspaper, personal contacts, trade associations or yellow pages? Businesses need to plan and budget for marketing.

Remember – “Doing business without advertising is like winking at a girl in the dark, you know what you are doing but nobody else does”. Next week – Setting Goals.

Next weeks topic is: “Setting Goals”

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