It is defined as some fraction or portion of the overall market Defining the

It is defined as some fraction or portion of the

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-It is defined as some fraction or portion of the overall market. -Defining the target market is a logical process: It starts with an understanding of who the customers are It drives their desire to buy a product or service. The market can be segmented using a variety of criteria. -Demographics- which refers to age, gender, ethnic background, household income, and number of childrenAdvantages and DisadvantagesSales promotion alternatives
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4-3i Marketing CollateralThe term refers to a company’s communications material that can be physically distributed and left behind. Includes such items as brochures, handbills, and business cards4-3l SignageSignage at the business location is vital when the location of a business is important to the business’s success. The size, color, and design of the company’s signs communicate a first impression of the business and its product. Point-of-sale (POS) displays are used by businesses whose products are sold through retail outlets. Differentiating StrategiesCost/price leadership strategyQuality leadership strategyNiche strategyAdvantages and DisadvantagesSales promotion alternativesThe Five Components ofRevenue Strategy What Is Revenue Strategy?Three rules for success:Focus on the customerKeep turnaround times shortAlways give the customer what they wantHow to develop a sustainable competitive advantage (SCA)Study what competitors are offering to the market and attacking that market with a differentiated offering.
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Use trademarks, copyrights, patents and trade secrets.Defend with SCA by legal meansConstantly improve and introduce new and complementary products and conduct ongoing market research and analysis.Analyze consumer behavior and projections about future tastes and buying habits. MarketingThe extent and amount of marketing conducted by a company—function of its budget. In the early phases of a business, marketing budgets are usually limited. To maximize revenue:Target a marketDevelop a persuasive messageUse communication channels that routinely reach the target market. Leverage contacts to generate low-cost marketing opportunities. Observe the competition closely. SalesSelling is directly related to a company’s revenue. Inside sales—employed by the company (usually). Salespeople can be an expensive investment. Guidelines for entrepreneurs to follow: Remember sales compensation is for employees responsible for persuading the customer to act. Realize that the company is going to change as it grows and compensation has to change as well. Understand difference between sales compensation and total compensation which includes: salary, commission, expenses, benefits, contests, and recognitionSalesThe role of salespeople is to adapt the marketing message to individual customer’s needs:Adaptive selling technique
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Personal selling technique
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