If there’s anything I took away from my marketing classes in business school it would be, that it’s all about the customer. A successful business is a customer focused business, which is something that many businesses lose sight of. Internal goals such as profitability and external goals such as competitiveness are important, however each of these is driven by how effectively businesses reach and interact with customers.
In creating or building upon a business, it’s important to emphasize:
The 3 C’s-
- Customers- Who are your customers and what do they want?
- Competition- Who is the competition and what advantage do they have over you? Is it a sustainable advantage
- Core Capabilities- What are your strengths as a business and can these strengths easily be replicated by competitors?
The 4 P’s-
- Price- What’s the price of your product and how does it compare with the competition?
- Product- What are you selling? How closely do customer perceptions of the product match the image you’d like to create?
- Promotion- How are you promoting your product?
- Place- Do customers know where/how to find you and your product? Does locating your product create more work for the customer?
Go ahead, grab a piece of paper and see what your business yields.
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