Combining this customer behavior data with experience and intuition, retail store owners can develop great merchandising strategies by keeping 3 product mapping points in mind: Increased transaction totals are a natural by-product.
The business plan, in essence, acknowledges your current position and identifies where you want to end up. Articulating what you want to achieve and how you intend to achieve it are important steps that lead to a successful business.
Just as the sailor has to steer his ship as he navigates the seas to his destination, business owners have to steer their companies through daily challenges and decisions. Making the right decisions and course adjustments are much easier if you have a plan and a destination in mind.
Business planning is not a one- time process. Like the sailor who is constantly adjusting his course, businesses must also adjust course.
The current global and domestic economy has certainly presented challenges to many business owners, but also some opportunities. If taking market share is part of your strategy this may call for broadening your product mix.
Doing this requires intelligent research and planning - and every plan needs to include these key elements: Strengths, Weaknesses, Opportunities and Threats The SWOT Analysis is a useful tool to determine internal factors organizational and external environmental factors affecting your company.
It is equally important to identify both opportunities and threats so you can either take advantage of a situation or ward off one.
This will help to position your products and company in the market and develop the ideal product and service mix. Throughout history, military leaders who have emerged victorious have primarily been the ones who studied the strategies and tactics of their rivals.
The same is true in business.
Remember though, that knowing your competition is a continuous process. Unless they are standing still, you need to keep a constant eye on their course too. You must know your competitors and your customers as well as you know your own company. Positioning Your Product Differentiating your product and services from your competitors is "Positioning" in marketing parlance.
Unquestionably one of the most important steps in business planning, it determines how to make your products or services stand out in the crowd, create value in your market and maximize your profits. Positioning creates the perception of your product or company in the marketplace.
Commodities provide the opportunity of high volume sales, where demand is already established. When selling commodities, the key is to differentiate your company with the service you provide.
Commodities can also open doors to allow you to introduce high end products that are more profitable. High end products exude quality and credibility that can generate more opportunities and higher margins.
The resulting product mix can perpetuate sales, increase market share and provide a higher average gross profit.
Business planning is intelligently collecting information that allows you to realize the strengths, weaknesses, opportunities and threats to you and your competition. With this analysis you can position your company and its products and services in an advantageous position that differentiates your company from the competition.
February 23, at 1:Charting your course with a business plan Whether you’re operating a ceramic tile, stone, flooring or widget business it’s crucial to have a business plan in place. The business plan, in essence, acknowledges your current position and . Finding Joy in the Flooring Business Next Article Floor Coverings International has among the highest customer satisfaction ratings in the industry, and that is what I .
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