1. What is most important to your business´ success?
The most important to my business success is successful marketing. Marketing involves advertising, public relations, promotion and sales (Lorette, 2015) It also includes environmental scanning,product distribution, pricing and research.Advertising is needed to tell the consumer about the services that the consulting group has to offer. Without advertising, the consumer will not know that my consulting group has the same, better, and more innovative services as my competitor. Without sales, the consulting group will not be able to survive financially. Public relations is important, because it will build the consulting group’s brand and reputation in the community. As the consulting group’s
…show more content…
Describe two steps you can do to improve market share.
Market Share according to Fortenberry, 2010, the most significant obstacle to capturing and retaining market share is competition (Fortenberry, 2010). Health Smart Nurse Consulting Group is a new company therefore, emphasis has to place on neutralizing the competition to improve market share 2 steps that I can take is:
1. Hire the best marketing coordinator, offer competitive salary and benefits, with a flexible schedule. Having skilled and dedicated employee, reduces cost of training and turnover and allows the company to focus on delivering education services.
2. Create a positive brand image by launch a creative marketing campaigning. This will distinguish HSNCG services from the competition. This will attracts innovators, shoppers, clients and eventually advocates .Gaining market share via word of mouth can increase HSNCG revenue without increasing the cost of marketing (Investopedia, 2015). Without customers, there is no need to create neither loyalty nor customer satisfaction. Without customers, the company will fold.
4. Identify the payer sources that will influence your
…show more content…
This cost is variable and can be adjusted.
6. Explain how financial position will impact your financial decision making process for your business.
A business financial position is a main factor for an organizational success. Decision-making is is based on financial information. This is more so for small and start up business like Health Smart Nurse consulting Group because of their limited finances for startup. it is therefore imperative that finances are allocated efficiently in order to survive and generate profits .Factors that lead to business failure is usually due to improper management strategies and poor financial decisions .
One of the most common mistakes is not having a bookkeeper. Having a competent bookkeeper may add a burden upfront but keeping efficient records will pay for itself in the long run. Financial errors may ruin a business and other one is not having enough startup cash (Undercapitalizing) too little capital will not to weather any financial setback, such as decrease sales, or inflation
Successful marketing strategies are very important as it determines whether the organizations can materialize the benefits and strengths of their products and improve their revenue and profitability. Marketing strategies are heavily impacted by the external opportunities and weaknesses, as well as the internal strengths and weaknesses of the organization. Based on this information, companies have to segment the big market into small segments and divide their products into homogeneous batches to target each segment separately. Furthermore, the organizations have to design important marketing mix, including product, price, place, and promotion to make sure that their products are well received by the customers. All of these aspects are very important for organizations realize the potential from their products and achieve the competitive advantages in the competitive market.
1. If Amy follows through with her plan and opens up the restaurant on her own, the type of business she is operating calls Sole Proprietorship.
Aaker, D. A., Kumar, V., & Day, G. (2007). The Marketing Research Process. Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspx.
McDaniel, C., & Gates, R. (2006). Marketing Research (7th ed.). Retrieved from The University of Phoenix eBook Collection database.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
Chet Craig is the Central Plant Manager of the Norris Company. He started as an expediter in the company's eastern plant and was quickly promoted to Production Supervisor in three years. After two years, he was promoted to Assistant to the Manager of the Eastern Plant. Five years later, Chet was transferred to the central plant as an Assistant, and after one month, was promoted to his current position.
Create a community. Let your customers see how their peers are benefiting from your services. They will be inspired to communicate and share success stories.
It is noticeable how all these processes together help business marketers to determine what the customers consider valuable, create solutions, and build effective business relationships with customers. If organizations succeed in offering better value than competitors, communicating the product differentiation, providing everything as promised, and surpassing customers’ expectations, they will easily obtain positioning for
The term “direct marketing” excludes the "middle man" from promotion, as a company's message is provided directly to a potential customer. (Investopedia, 2010) Direct marketing is an advertising campaign that aims to gain an action (such as an order, a visit to a store or Web site, or a request for further information) from a group of consumers in response specific communication from a marketer. The communication may take many forms such as mail, telemarketing, direct e-mail marketing, and point-of-sale (POS) interactions. (searchcrm.techtarget.com, 2014).
TAG are leveraging the concept of Price-Quality interface in their pricing model, and are aiming to become a product-quality leader (Kotler et al. 2013). By leveraging the existing quality and status of their brand, combined with a premium price, TAG will appeal to the niche customer within the smartwatch market.
Organizations needs to get it all together, they need to take some time out to do a little “soul-searching” and pay a lot of attention to all forms of communications that they intend to put out there. The marketing communications issues nowadays are not grievous as it used to be but rather now subtle offenses that an average consumer might not take not of or mild offense that tend not to get attention of the media. So many organizations are still caught in the act of unethical marketing communications that are worse enough to cause damage to consumers. According to American Marketing Association statement of Ethics, “marketing system must contain no harm, must foster trust and embrace ethical value”. Marketing communications must must have
Aggressive Marketing is the key to increasing the market share in this area, since the market has a lot of potential both in terms of untapped market.
Marketing should be a long-term investment in your business, and not just something that is switched on and off as required.
“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007)
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.