2. Marketing Basics
Before a company can determine what, they will be providing
to the public, they need to figure out their purpose of their
new product/service. Having a marketing strategy will define
your target market, create a marketing mix and how your
business will run. The most important things for a company
are Customer Service, how the company will operate, what
products you're going to be selling (branding, product quality,
goals), and where or how you will be selling your products.
3. SMART Goals
A great way for people/companies new to the marketing world to use
the SMART acronym. SMART stands for Specific, Measurable,
Achievable, Relevant, and Time Based. A company needs specific
goals for sales, marketing, Customer service, and anything else the
company needs to focus on. Everything the company does needs to be
measure growth for everything the company is doing. Everything the
company does needs to push themselves but also have a goal to
be achievable. Everything the workers do must be relevant to help the
company succeed and grow. Every objective needs to have a realistic
time frame for that specific project.
4. SWOT Analysis
The SWOT analysis stands for Strengths, Weaknesses, Opportunities,
and Threats. The strengths within this analysis means in two to three
areas the company has a perfect method where nothing needs changed.
Weaknesses means in two to three areas (the least amount possible),
where the company needs to completely redo the way they currently
handle those areas. Opportunities is external point of views on what the
company is doing bad in, these often line up with your weaknesses.
Threats are also from an external point of view, while they do not have
control to what happens it still will positively, or most times negatively
impact the business.
5. The BCG Growth-Share Matrix
The BCG Growth-Share Matrix is a planning model created in the
1970s. This matrix is based on that the company can be broke
down into four categories, on whether the combination of market
growth, and market share. The four categories are Dogs with a low
market and share rate, Question Marks has high market growth
but low market shares, Stars have a high market growth and share
rate, Cash Cows have a low market growth but a high market
share.
6. Business Relations
It is extremely crucial to have many friends within the same business
industry. There are many ways they can help you out such as advertising,
new products, a business loan, gain customers, new business deals and
many more. The more people/companies you are close to the higher
probability your business will grow.
