The Business Success Attributes
Posted 3rd July 2009 at 04:11 AM by learninglife
Updated 26th August 2009 at 10:06 AM by learninglife (Title does not say much about the article)
Updated 26th August 2009 at 10:06 AM by learninglife (Title does not say much about the article)
Acumen is defined as being able to “demonstrate keenness and quickness in understanding and dealing with a situation.” Acumen is a characteristic which you develop over a period of time in running your business which allows you to summarize and decide quickly on several different levels, measuring your success against both your own expectations, and the expectations of others.
How can you use Marketing Acumen to your benefit?
You must examine the marketing being done by your competitors and understand whether what you are offering in the marketplace meets and exceeds what they are offering. This can be based on price, offering, value added or even personalized service on goods or services.
To assess where you stand, ask yourself these questions.
1) Is your marketing program directly in competition with others on an item by item basis?
2) Does your offer directly compete on a merit basis with what they are offering?
3) Does your offer meet your own expectations, or what others tell you that you should offer to be competitive in the market?
Let’s take a bit more detailed look.
This goes beyond simply looking at the offer in the marketplace and determining whether or not you are competitive. It extends to the process of analyzing the competitor. Let’s say, for example, you own and operate an automobile tire store. You sell a well-known tire, manufactured locally, at what you believe is a competitive price. Tires are not your only business, but you generate a significant part of your income from their sale. A direct competitor, who not only sells automobile tires—but also services autos—has opened up in your primary trade area. You have noticed that the competitor is running newspaper and radio advertisements for their tires. The tires that they offer are also brand name, and are priced at about 20% below what you are charging. What do you do?
To find the answer visit: www.businesslearning4life.com
How can you use Marketing Acumen to your benefit?
You must examine the marketing being done by your competitors and understand whether what you are offering in the marketplace meets and exceeds what they are offering. This can be based on price, offering, value added or even personalized service on goods or services.
To assess where you stand, ask yourself these questions.
1) Is your marketing program directly in competition with others on an item by item basis?
2) Does your offer directly compete on a merit basis with what they are offering?
3) Does your offer meet your own expectations, or what others tell you that you should offer to be competitive in the market?
Let’s take a bit more detailed look.
This goes beyond simply looking at the offer in the marketplace and determining whether or not you are competitive. It extends to the process of analyzing the competitor. Let’s say, for example, you own and operate an automobile tire store. You sell a well-known tire, manufactured locally, at what you believe is a competitive price. Tires are not your only business, but you generate a significant part of your income from their sale. A direct competitor, who not only sells automobile tires—but also services autos—has opened up in your primary trade area. You have noticed that the competitor is running newspaper and radio advertisements for their tires. The tires that they offer are also brand name, and are priced at about 20% below what you are charging. What do you do?
To find the answer visit: www.businesslearning4life.com
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