In planning for new market strategies for an existing product, scrutinizing the product can be a big help. The problem is that when surrounded by the products everyday and consistently talking about it with the customers, there is the tendency to develop a product centered vision that the product always looks the same.
The following are series of exercises that can help when evaluating an existing product and its usage:
- Inspect the product intently. What kind of product is it and what is its purpose? How is it used by the customer?
- Turn the product around. Check whether the back view should be the front view instead. Scrutinize the product in all angles. Can the product be used in an inverted manner?
- Recollect how the product has transformed. How many improvements have been made over the years? Are there any other products concealed in the present product?
- If one could start again, would the design of the product be the same again? Should there be no design restraint, redesign the product. Even if the new design is not feasible, it may generate some fresh ideas.
- Touch, feel and use the product. An emotional reaction to products is usually developed after years in the business. How is the level of confidence in selling the product?
- Is the business able to cope-up with the latest materials and new technologies in the market?
In a highly competitive environment it is advisable also to conduct survey among customers as to what kind of improvement or revision can be made to the product in order to make it more interesting to buy and patronize.
The degree of emotional stability or emotional quotient is one of the major elements of the capability in assuming additional responsibility and to be able to make sound judgments or decisions. A manager who is emotionally stable is always guided by the dictates of mind and reason rather than by emotion.
The following can help an executive develop emotional stability which is one of the important ingredients to becoming into a more responsible leader.
- When something annoying and unpleasant occurred, take care not to react impulsively.
- During evaluation of subordinates, make sure that this must be done based on actual merit and performance instead of personal perceptions.
- Believe that everyone are created equal by the creator thus, everyone must be treated equally.
- Have an open mind with regards to other people’s ideas.
- Be innovative and adaptable to change.
- Be friendly and avoid engaging in arguments with officemates and customers.
- Be ready with a smile always and prepare for a good sense of humor when necessary and appropriately.
- Be able to gracefully respond to any setbacks and bounce back with resilience.
- Be willing and eager to take added responsibilities even the challenging ones.
- Build more self-confidence and conscientiousness by acquiring more knowledge as to how to handle job and career successfulyy.
- Adhere and endorse the formula of Gen. George Marshall in handling people as to:
- Listen to other person’s story;
- Listen to other person’s full story;
- Listen to the other person’s full story first.
All kinds of business benefit from a comprehensive reporting system. The advantage of having a standard reporting system is that, it can easily identify problems, trace who are responsible for errors and it definitely serves as guide for comparing budgets and goals vis-à-vis actual performance.
In most of companies, reports are usually coming from every department like purchasing, sales, production, accounting, finance and others. The different departments at every level ranging from the supervisors to top executives hand in reports to their respective superiors. Every department head has to study and get the necessary needed information from the report of the subordinate directly under his supervision and be able to include in his own report.
Through this reporting system, the report that reaches the President or CEO is already a summary, highlighting only the overall operations of the business and the needed necessary revisions should there be any. The report will also reveal any impediment, unnecessary or over expenditure and be able to immediately identify the concerned person/department.
A standardized format with moderate technical terminology based on clear, descriptive headings and titles will surely allow the readers to easily identify specific items.
The reports required from the different department and levels of origin are given different deadlines. There are reports that need to be submitted daily, weekly, monthly and even quarterly depending on the nature of the business and when there is a great need of monitoring the business’ cash flows.
The reporting system must be always simple, quick to understand and easy to prepare. In so doing the problem can be identified easily and resolved at once.
Advertising is not only applicable for big businesses. Even small businesses should recognize and appreciate the value of good, well-placed advertising in order to gain competitive advantage.
Most often, small businessmen concentrate their efforts in the traditional way of selling their products and services without worrying themselves on how their products would sell from the customers’ counters or shelves. Even the sales people do not know how the products would eventually reach the hands of end users.
Since products sold by small businessmen are just the same as that of competitors, it is important for their company to highlight a distinctive element about their products or services, then make that unique features or difference known to the public. It is in this situation that advertising would play an important role.
To some extent, there are failures encountered by small businesses when they tried to advertise their products or services. Their failures were the result of the following misunderstanding or misconceptions about the good effects of advertising.
- First, many neglect to research the available media or make a thorough market analysis, and consequently spent their money in the wrong choice of promotional and sales activities.
- Second, many business owners opted to economize expenses by utilizing in-house artworks usually done by themselves which does not relate the right message to encourage customers to buy.
For all the efforts exerted to be effective, small business owners need to fully understand what advertising can accomplish. They need professional help from people experienced in advertising.
It is advisable to employ the services of small but creative advertising entities to assist in the formation of advertising strategies and materials to be used for this purpose.
Advertising plays an important factor to assist the product and sales force towards the success of the business.
Whatever product is sold, there is objection every salesperson is certain to encounter from time to time, the price of the product.
How to cope with the challenge can make a great deal of difference in the volume of products sold and more importantly, the profitability of the business.
There are guidelines or tips designed as to how to meet price resistance head –on and come up winning the sales.
- Believe that the price of the product is right. Apart from selling oneself first, a salesperson must totally believe and be convinced that the product being sold is outstanding and one of the best in the industry..
- Make sure the buyer’s real objection is price. The buyer might be citing high price as a disguise to some other objections which the salesperson failed to highlight in his presentation. This could mean not being able to explain the major features and benefits of the products.
- Sell the product and some add-ons. Do not sell the product alone but everything that goes with it i.e. company support and services.
- Highlight the dangers of false economy. The attraction of supposedly low-cost products could be more costly when the product bought is of inferior quality that would need untimely replacement.
- Sell more aggressively during uncertain times. Slump periods offer the salesperson special opportunities that don’t exist at other time of year. When the business is slow, there is more time to prepare for presentation and tailor it to the customer’s special concerns and needs.
The salesperson who combats resistance most effectively is the one who will sell more successfully.
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