We have discussed story tellers at length, but most of that discussion applies to established business and not to entering a new market. The concept, however, applies to both. To understand this, it is easiest to refer back to our tackle shop example from before. [Read more...]
Dec
30
Comparative Advantage
If your market is saturated, it might be difficult to find a competitive advantage over others. Your products are likely identical, and your prices very much the same. Production is as optimized as it can be, and there are few to no differences between your and your competitions’ company structure. [Read more...]
Dec
29
The Most Sincere Apologies
I have been very lax in my posting over the past week and for that I apologize. I wanted to take a moment to explain myself before beginning my regular updates.
I recently started a retail sales position at a local mall. The “part-time” position evoloved into a “full-time plus” position after the first hour and has monopolized all of my free time over the past week. The positives of this situation are that I am earning additional income with which I can support this site and gaining deeper insight into consumers and shopping habits. I have a few new theories under development about product categorization and marketing which will be posted here either in whole or in part sometime soon.
From the looks of things, I still owe you 8 entries from the 31 days of blogging. Expect the next post on “Going to Market” by noon tomorrow.
Thank you for your patience; I apologize that it was asked for.
Dec
19
Staggered Entry
Any entry into a new market needs to be taken in steps – the first of which is brand advertising. You need to build brand awareness and demand for your products long before you make your first sale. This can be costly, but not nearly as much as a premature product launch. [Read more...]
Dec
18
TOWS
As you have probably learned by now, marketing is an on-going process of both self- and competitive- analysis. You need to understand who your company is, who your customers are, and who you are competing with – information that can stay fairly constant over time, or suddenly change overnight without warning. Analysis must start from the day you first enter the market, and there is a very effective tool for quickly understanding why you are and what you are up against. [Read more...]
Dec
17
Landscaping
The first thing any entrepreneur looking to enter the market must do is survey the landscape. While standing atop a hill and peering down at the city might sound like a fun activity, this has nothing to do with the landscape I’m talking about.
There are three questions you have to answer in detail before entering the market: [Read more...]
