How Important It Is To Understand The Basics Of Marketing
Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis is a tool that helps businesses find very useful information. It is an analytical framework that helps businesses assess the internal and external factors affecting their objectives. The tool is usually represented as a square with four quadrants. Each quadrant includes information about the strength, weaknesses, opportunities, and threats of the business. This tool being developed requires the developer to present the good and bad points in a realistic way. Additionally, the developers must be sure that it is specific enough to avoid any grey areas in the information. You must also be sure that the information given is short and simple enough so they'd understand. Much complexity causes much confusion.
Customer Journey Map
This is a diagram that shows all the steps a customer must go through when interacting with a company. It applies products, services, retail stories and much more. Your business needs this. The changes in technology have made things a lot easier for businesses. They could now adopt a customer-centic approach when they market their products. It is actually a necessity. The customers of today expect to have personalized experiences. Additionally, they expect marketing messages to be tailored to them. A Customer Journey Map is the perfect tool to help businesses get this done. Your business will have greater insight into the thoughts and feelings of the customer with this tool.
Growth Stages: Existence
These are what every small business goes through. They hurt but the result will be great in the end. If you do not understand them you will mishandle challenges. You will not find the growth that you are looking for. The first stage of any small business is the existence stage. The name of this stage speaks for itself. People have to know your business and the only way that they will takes action. Show them your products and services. This stage includes...
- Retail Stores
- New Restaurants
- High Technology Manufacturers
- Early Stages of Production
Growth Stages: Survival
Many companies do not gain the acceptance or the produce capability to make it past the existence stage. When this happens the owner often closes the business. For those that passes it they reach this stage. Like the first, the title basically describes it. This is where the business often proves that he has a viable business model and customer acquisition strategy. In this stage small businesses often face challenges that disables them from managing revenues and expenses. There is always a possibility that businesses fail while it is on the stage. You must be able to remain profitable on this stage. If you do not, you will fail. Face the challenge and learn how to overcome it.
Growth Stages: Success
After overcoming it, your business will grow, it will be more profitable. You will then be ready for success. By the time your business reaches this stage your business should know how. You as the one in charge must know how to keep it profitable. You must know how to expand your operations to different markets. If your company has no changes that will destroy its market position or competitive advantage, you could remain in it indefinitely. If your company expands while on this stage that means that it is ready be seen publicly.
Growth Stages: Take Off Stage and Maturity Stage
In this, take off stage, the biggest problems revolve around achieving growth financially. Additionally, the company's founder will get replaced. That is often what happens during this stage by the company's investors or creditors. After succeeding on this stage your company will be ready for the maturity stage. This is when the company has the staff and financial resources needed to take part in detailed operational and strategic planning. The management along with all that are on the team are superior. Lastly, the systems are well developed. Once your company reaches this level it will be known as a successful one. You will have the same privileges that the rest of the companies that have reached this stage have. Like Facebook, Google and more big name companies, yours will be an unstoppable force in the marketplace.
A big business starts small— Richard Branson
© 2019 Ryan Jarvis Cornelius