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Hub You - Do You REALLY Want to Enter That New Market?
The present article discusses the notion of kaizen and its role as the integral part of TQM philosophy. The major points of interests are the core of the kaizen philosophy and what can be learnt from it, implementation requirements and the importance of corporate culture as one of the most important determinant of successful integration of kaizen (Papers4you.com, 2006).According to Imai (1997) kaizen is the philosophy of incremental continuous improvement with involvement of everyone. At first glance everything is pretty clear and simple – what you need to do is to improve the processes around to make things more efficient. However the first barrier which appear on the way to improvement are few questions: what to improve, why to improve, who shall improve, where to improve, how far to improve, far how much it will cost. All these questions are answered by kaizen. This philoso
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: Making 30-40% Return On Your Money Every Month
It seems like everyday there is a new article how day trading doesn't work and how people lose money doing it. Then I look around at myself and other traders I know make a killing every month from the stock market think wow I'm glad so many people are scared of day trading, more for me! The reality is you can easily make six figures a year trading and many traders make six figure a month (don't want to hype this too much but it's true).The fact is the market has screaming opportunities almost everyday when you see these setup you think only if people knew how easy this is. The key is (pay attention here this could be the most valuable piece of information you could ever read) almost everyday a lot trader go into the market saying I'm going to make $1,000 a day everyday for the rest of my life. This is a good way to lose a lot of money. Highly profitable traders only trade when
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:
The potential benefits of improved job design are unlikely to be realized, if attention is focused on the content of jobs alone. Equal, if not more important, is the process by which redesign is carried out. This has led to recognition of the importance of management style and, increasingly, of organization culture. Central to improving the quality of working life is a participative, open style of management involving employees in decisions that affect them, including the design or choice of the technology itself. Personnel policies, including those related to pay and benefits, should attempt to develop a relationship of trust among all members and sections of the organization, and a confident partnership approach to trade unions.Supervision involves technical knowledge, human relations' skills and co-ordination of work activities. Effective supervision is necessary for job sa
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: How To Get A Job Writing Speeches
Jobs in speech writing are amongst the most difficult to find, but are much sought after. In many cases, the subjects that will deliver them will want to find expert advice on what to say, how to say it, and how to make themselves look good through it. You will not start out with a job in speech writing for the President, though. You will start at a much lower level and work your way up. While many people do not like to give speeches, even fewer people like to write their own. That means that there are some great opportunities out there for those looking. But, where do you look and how do you find them? What qualifications are needed anyway?Well, the qualifications for speech writing jobs are fairly basic. You will need to be able to write in the right tone or in the right style. For some this will be a in sales pitch type style. Others will be providing a lot of infopetitor 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: So How Was Your First Quarter? Today's Activities Determine Tomorrow's Success
So how WAS your first quarter of 2006? Wait – it’s still the middle of 4th quarter; what am I talking about? One of the things that salespeople and sales managers tend to lose sight of is the factor that time plays in the sales cycle. We think if we work really hard this month that we can pull out a great month, or a great quarter. But, do desperation, last-minute pushes really work? If you’re a professional salesperson, who believes in doing the right thing for your clients and prospects, then the last-minute push will most likely backfire on you. Sure, you could get a few closed deals, but they probably won’t be quality deals; that is to say, sales that are really in the best interests of your building long-term relationships.In the programs we conduct with our clients we teach that the definition of selling is: Asking people what they do, how they do it, where they do it, wicability 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: Dell: A Brand in Flux?
For years, Dell has enjoyed one of the strongest brands on the market. Lately, however, the giant PC maker has been taking some real heat in a number of blogs and consumer affair sites. In fact, a quick browse of sites like My3cents.com, Ripoffreport.com, ConsumerAffairs.com and BuzzMachine.com will turn up multiple negative posts and comments from dissatisfied Dell customers. Not exactly what you would expect from a company with such a sterling reputation.Dell executives say they're monitoring online complaints and taking steps to correct those issues. In particular, they've added more customer service centers and employees in an effort to better resolve customer complaints. These measures seem to paying off. In a recent article, Investor’s Business Daily cited internal Dell numbers that show a 35% year-over-year impr
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 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 d
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