Here are my personal top 10 business tools:
1. Goal Formation
It is important not only for companies to have goals, but individuals. If you do not have a goal, you won’t know where you are going or how to get there. Here are 4 tips for goals to help businesses stay on track. It is useful for individuals too!
Arrange goals from most to least important – This helps you focus on the big picture.
Objectives should be stated quantitatively – It is better to list a goal with a number so you know exactly what you are reaching for.
Goals should be realistic – You should make your goals achievable, not impossible.
Objectives should be consistent – Do not have goals that are opposites of each other such as “maximize profits” and “maximize sales”
2. Market Research Process
The marketing research involves 6 steps that can be applied to any research process. This is useful for businesses when trying to learn more about a situation. The 6 steps are:
Define the Problem
Develop the Research Plan
Collect the Information
Analyze the Information
Present the Findings
Make the Decision
3. Questionnaire Dos and Don’ts
Marketing involves a lot of surveying so it is import that you formulate your questions carefully. Here are some Dos and Don’ts when writing your questionnaires:
Ensure that questions are without bias
Make the questions as simple as possible
Make the questions specific
Avoid jargon or shorthand
Steer clear of sophisticated or uncommon words
Avoid amigous words
Avoid questions with a negative in them
Avoid hypothetical questions
Do not use words that can be misheard
Desensitize questions by using response bands
Ensure that fixed responses do not overlap
Allow for “other” in fixed response questions
4. Buying Decision Process
It is import as marketers to understand the consumer buying process so that we can talor marketing plans accordingly. This is how the buying process goes:
Problem recgonition – The buyer recgonizes a problem or need.
Information search – The buyer will then obtain more information.
Evaluation of alternatives – The buyers looks at many options to see which will suit most or all of their needs.
Purchase decision – The buyer makes a final decision on a product or service.
Postpurchase behavior – The buyer may feel happy or remorse after purchasing a product.
5. Segmentation Process
Marketers need to know how to segment the market. This allows for better marketing and easier to market to only the people who would be interested in your product. There are 7 steps in the segementation process:
Needs-Based Segmentation – Group customers based on similar needs and benefits.
Segment Identification – For each segment determine which demographics, lifestyles, and usage behavior make this segment unique.
Segment Attractiveness – You can find this information such as market growth and competitive intensity.
Segment Profitability – Determine how much money the segment will bring.
Segment Positioning – Create a value proposition and product-price positioning strategy.
Segment “acid test” – Create storyboards to test the attractiveness of the strategy.
Marketing-Mix Strategy – Expand the postioning strategy to include all aspects of the marketing-mix such as product, price, promotion, and place.
6. Brand element choice criteria
Creating a brand is very important in marketing. Brand is what your customers will know and remember. There are 6 things a brand should be:
Memorable – Easy to remember
Meainingful – Relates to the product category
Likeability – How pleasing is it to the consumer
Transferable – Able to introduce new products and go global
Adaptable – How updated and adaptable in the brand
Protectible – Able to legally protect the brand
7. Product Life Cycles
It is important for marketers to realize the life cycles of products. Each stage requires a different marketing approach. The 4 stages of a product life cycle are:
Introduction
Growth
Maturity
Decline
8. Service Marketing Checklist
In service marketing, there are certain questions marketers need ask themselves to make sure they are achieving its marketing objectives. These questions serve as a checklist:
Do we strive to present a realistic picture of our service to customers?
Is performing the service right the first time a top priority?
Do we communicate effectively with customers?
Do we surprise customers during the service process?
Do our employees regard service problems as opportunities to impress customers?
Do we continiously evaluate and improve our performance against customers’ expectations?
9. Setting the Price
Marketers need to know what prices to set. The success of the business depends on the price of a product or service. Too high of a price might create a low demand, and too low of a price may create inventory shortages. There are 6 steps in setting the price:
Selecting the Pricing Objectives
Determining Demand
Estimating Costs
Analyzing Competitors’ Costs, Price, and Offers
Selecting a Pricing Method
Selecting the Final Price
10. Helping Stores to Sell
Marketers also need to realize not everyone shops the same and there are some tips employees could use to help stores sell:
Attract shoppers and keep them in the store
Honor the “trasition zone”
Don’t make them hunt
Make merchandise available tp the reach and touch
Men do not ask questions
Women need space
Make checkout easy
1. Goal Formation
It is important not only for companies to have goals, but individuals. If you do not have a goal, you won’t know where you are going or how to get there. Here are 4 tips for goals to help businesses stay on track. It is useful for individuals too!
Arrange goals from most to least important – This helps you focus on the big picture.
Objectives should be stated quantitatively – It is better to list a goal with a number so you know exactly what you are reaching for.
Goals should be realistic – You should make your goals achievable, not impossible.
Objectives should be consistent – Do not have goals that are opposites of each other such as “maximize profits” and “maximize sales”
2. Market Research Process
The marketing research involves 6 steps that can be applied to any research process. This is useful for businesses when trying to learn more about a situation. The 6 steps are:
Define the Problem
Develop the Research Plan
Collect the Information
Analyze the Information
Present the Findings
Make the Decision
3. Questionnaire Dos and Don’ts
Marketing involves a lot of surveying so it is import that you formulate your questions carefully. Here are some Dos and Don’ts when writing your questionnaires:
Ensure that questions are without bias
Make the questions as simple as possible
Make the questions specific
Avoid jargon or shorthand
Steer clear of sophisticated or uncommon words
Avoid amigous words
Avoid questions with a negative in them
Avoid hypothetical questions
Do not use words that can be misheard
Desensitize questions by using response bands
Ensure that fixed responses do not overlap
Allow for “other” in fixed response questions
4. Buying Decision Process
It is import as marketers to understand the consumer buying process so that we can talor marketing plans accordingly. This is how the buying process goes:
Problem recgonition – The buyer recgonizes a problem or need.
Information search – The buyer will then obtain more information.
Evaluation of alternatives – The buyers looks at many options to see which will suit most or all of their needs.
Purchase decision – The buyer makes a final decision on a product or service.
Postpurchase behavior – The buyer may feel happy or remorse after purchasing a product.
5. Segmentation Process
Marketers need to know how to segment the market. This allows for better marketing and easier to market to only the people who would be interested in your product. There are 7 steps in the segementation process:
Needs-Based Segmentation – Group customers based on similar needs and benefits.
Segment Identification – For each segment determine which demographics, lifestyles, and usage behavior make this segment unique.
Segment Attractiveness – You can find this information such as market growth and competitive intensity.
Segment Profitability – Determine how much money the segment will bring.
Segment Positioning – Create a value proposition and product-price positioning strategy.
Segment “acid test” – Create storyboards to test the attractiveness of the strategy.
Marketing-Mix Strategy – Expand the postioning strategy to include all aspects of the marketing-mix such as product, price, promotion, and place.
6. Brand element choice criteria
Creating a brand is very important in marketing. Brand is what your customers will know and remember. There are 6 things a brand should be:
Memorable – Easy to remember
Meainingful – Relates to the product category
Likeability – How pleasing is it to the consumer
Transferable – Able to introduce new products and go global
Adaptable – How updated and adaptable in the brand
Protectible – Able to legally protect the brand
7. Product Life Cycles
It is important for marketers to realize the life cycles of products. Each stage requires a different marketing approach. The 4 stages of a product life cycle are:
Introduction
Growth
Maturity
Decline
8. Service Marketing Checklist
In service marketing, there are certain questions marketers need ask themselves to make sure they are achieving its marketing objectives. These questions serve as a checklist:
Do we strive to present a realistic picture of our service to customers?
Is performing the service right the first time a top priority?
Do we communicate effectively with customers?
Do we surprise customers during the service process?
Do our employees regard service problems as opportunities to impress customers?
Do we continiously evaluate and improve our performance against customers’ expectations?
9. Setting the Price
Marketers need to know what prices to set. The success of the business depends on the price of a product or service. Too high of a price might create a low demand, and too low of a price may create inventory shortages. There are 6 steps in setting the price:
Selecting the Pricing Objectives
Determining Demand
Estimating Costs
Analyzing Competitors’ Costs, Price, and Offers
Selecting a Pricing Method
Selecting the Final Price
10. Helping Stores to Sell
Marketers also need to realize not everyone shops the same and there are some tips employees could use to help stores sell:
Attract shoppers and keep them in the store
Honor the “trasition zone”
Don’t make them hunt
Make merchandise available tp the reach and touch
Men do not ask questions
Women need space
Make checkout easy
