z-Archive

decorated-apparel-survival-guide

Issue link: https://docs.hic.us/i/403552

Contents of this Issue

Navigation

Page 38 of 240

Some of the questions that will need to be answered in regards to Markets and Customers are as follows: • Who are your customers? (Define your target markets) • Are your markets growing? steady? declining? • Is your market share growing? steady? declining? • If a franchise, how is your market segmented? • Are your markets large enough to expand? • How will you attract, hold, increase your market share? If a franchise, will the franchisor provide assistance in this area? Based on the franchisor's strategy? how will you promote your sales? • What pricing strategy have you devised in regards to your target markets? B. The Competition Competition is a way of life. We compete for jobs, promotions, scholarships to institutes of higher learning, in sports -- and in almost every aspect of your lives. Nations compete for the consumer in the global marketplace as do individual business owners. Advances in technology can send the profit margins of a successful business into a tailspin causing them to plummet overnight or within a few hours. When considering these and other factors, we can conclude that business is a highly competitive, volatile arena. Because of this volatility and competitiveness, it is important to know your competitors. Questions like these can help you: • Who are your five nearest direct competitors? • Who are your indirect competitors? • How are their businesses: steady? increasing? decreasing? • What have you learned from their operations? From their advertising? • What are their strengths and weaknesses? • How does their product or service differ from yours? NOTE: Start a file on each of your competitors. Keep manila envelopes of their advertising and promotional materials and their pricing strategy techniques. Review these files periodically, determining when and how often they advertise, sponsor promotions and offer sales. Study the copy used in the advertising and promotional materials, and their sales strategy. For example, is their copy short? descriptive? catchy? or how much do they reduce prices for sales? Using this technique can help you to understand your competitors better and how they operate their businesses. C. Pricing Strategy Your pricing strategy is another marketing technique you can use to improve your overall competitiveness. Get a feel for the pricing strategy your competitors are www.hsi.us care@hsi.us 39

Articles in this issue

Links on this page

Archives of this issue

view archives of z-Archive - decorated-apparel-survival-guide