Other elements of positioning include the product itself, the communication surrounding its promotion, and the way it s delivered to the market. Additionally, falling prices usually mean falling profits, making it more difficult for a business to meet existing debt obligations. If you keep a retail store, you must pay the man who makes the goods, the man who transports the goods, and the man who keeps the goods in large stock, and all this leaves you only a small margin of profit. Unsecured bonds, or debentures, are not backed by collateral.
What type of customers can we serve best?
ownership with them
based on who provides what percentage of the total equity investment. When deflation
occurs within a
given industry or market segment due to a productivity increase, it is usually not problematic as profits are not adversely affected. Ordinarily this
would be a
given and not necessarily a matter of grave concern. The heuristics
used by business
involve risks of limited accuracy but may be effective within an evolutionary perspective by allowing a manager to handle contingences.
Get out there and patent it, market it, and sell it
did this, I
found a few charges that didn't even end up on our jobs, like patio cover lumber, house re-paints, extra carpeting, fireplaces, a Jacuzzi, and a trip to Hawaii! So to
make lots of
money, making money has to be your top priority! If your
product is faster,
bigger, or smaller, or comes in more colors, sizes, and configurations than others on the market, you have a powerful selling strength. It is
related of a
Yankee book-peddler that he sold three copies of the same book to a family in one day--to the husband in the store, to the wife who was calling at a neighbor's, and to the daughter at home.
Step out of the history that is holding you back
to market your
company's value effectively, you have to start with a target list of customers who are the most likely to need what you have to sell. Will you
command a rapidly
growing empire? This can
be measured in
terms of interest rates and shares of ownership, as well as in time, paperwork, and plain old hassle. Owners of
buildings must have
their elevators inspected regularly and, in some cities, post the safety inspection record in public.
What can the music industry teach you about sales
the results you
want, you must get everyone on the same page. Documented written
systems allow you
to reduce problems and deliver to your customer every time. Lower price,
higher quality, and
better name recognition are examples of competitive advantages. In the
Bon March?? in
Paris, the employers determined that something must be done more than was done in other stores so that every visitor would remember the place with pleasure and come again.
Production : the lifeblood of your business
check-in times, follow
up, and stay in touch. However, in
the case of
a business, enjoying yourself isn t enough. Advertising has
its place for
major suppliers of tractors, large national product providers like Ford Motor Company, national service companies like H&R Block, and other types of businesses. So if
you feel you
have a compelling vision, there s no reason not to share it in your plan.