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Blueprint for Change
A Blueprint for Change: Just when things seem working well, you have to do more with less, faster, cheaper and better. Change can be viewed as either an opportunity or a threat. Unfortunately, most organizations undergo significant change when...
Have You Ever Thought of Joining or Forming a Consortium?
Are you an entrepreneur but don't like selling alone? A consortium is a combination of different industry-types of entrepreneurs working together to attract business as a group. Even though each member maintains their individuality and operates as...
Leading with Power and Authority: Energize Others with Deep Green Leadership
One of the most significant aspects of leadership involves the stewardship of resources both collective and individual. People instinctively want to understand how their needs will be met in the present and in the future. When they are confident...
Tactical Hints for Succession Planning
Tactical Hints for Succession Planning The sooner the succession planning process is started the better, and you will have more options. Another advantage: options, such as buying life insurance to fund the stock ownership transfer, tend to be less...
Writing A Business Plan
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement...
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Competitive Marketing Analysis
The keyword in this phrase gives us a hint - "competitive". The
competitive marketing analysis is an in-depth study of your
business's competition and the markets available to you in order
to ensure your advertising and public relations budget dollars
are spent where they will be most effective. In order to perform
strategic planning for your firm's future, it is imperative to
know who the competition is and exactly what you are up against
to ensure that your market share is sufficient for your firm's
future. Increasing market share is the goal of any competitive
marketing analysis. Identifying the Competition Who is the
competition and how can they be located? Since you know exactly
what products or services your firm provides, you can locate
your competition by identifying other producers or providers in
the same market that you supply. This is not a difficult task;
it does, however, require some research. Competing suppliers are
not hiding; they advertise just as your firm does.
The yellow pages of your local telephone book can be the
starting point for competition identification. Research the
Internet searching for press releases and publications which use
descriptions similar to your products or services. Government
agencies, Dunn and Bradstreet, business magazine features or
employment of a private research firm can reveal a great deal
about your competition and how they operate. Shop Your
Competition If you want to know first-hand about your
competition, shop with them. For example, if
you are in the
restaurant business, eat at local restaurants that are similar
in price range and clientele to your establishment. If you are a
plumbing business, have someone contact the competition and
learn prices of service calls and specific products. Knowing as
much about the competition as possible allows your marketing
analysis to include details rather than generalities. Unbiased
Comparisons In order to truly analyze your firm's strengths and
weaknesses, you need unbiased sources willing to compare your
firm and the competition. You can employ market researchers, use
surveys, form focus groups to obtain completely unbiased
opinions on what you are doing right and wrong and how your
competition stack up to your business.
Measure your strengths and ensure these strengths are maintained
or improved upon. Identify your weaknesses and create a plan to
improve those areas significantly. After you implement your
plan, go back to your unbiased researchers and obtain another
comparison to ensure that your implementation of your strategic
plan has been effective.
About the author:
Matt Bacak became "#1 Best Selling Author" in just a few short
hours. Recent Entrepreneur Magazine's e-Biz radio show host is
turning Authors, Speakers, and Experts into Overnight Success
Stories. Discover The Secrets To Unleash The Powerful Promoter
In You! Sign up for Matt Bacak's Promoting Tips Ezine ($100
value) just visit his website at http://www.powerfulpromoter.com
or http://promotingtips.com
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