finding your first customer

11

Focus on finding your first customer.

22

Success is just a matter of attitude. Darcy E. Gibbons.

33

Champions aren't made in gyms. Champions are made from something they have deep inside them -- a desire, a dream, and a vision. They have to have last-minute stamina, they have to be a little faster, and they have to have the skill and the will.

But the will must be stronger than the skill.

Muhammad Ali

44

You will never do anything in this world without courage. It is the greatest quality of the mind next to honor

James L. Allen

55

Never before in the history of the world has the potential to do extraordinary things been this big for the smallest of teams

66

First, You're Probably Asking Yourself: "Why Should I Listen To Him?

That's a fair question. Why Would You Listen To Me?.

77

My background:

Been in high tech industry since 1961

Held positions of: Salesman, Sales Manager, Vice-president Sales, Vice-president Marketing, Executive Vice president Sales and Marketing, President/CEO.

Been a partner/founder with 12 companies that received over 50% international revenue 8 of which successfully went public or were sold/merged.

88

Been president of Jerry R. Mitchell and Associates since 1985

Described in Fortune Magazine November 1997 as serial entrepreneur.

99

In my consulting business I have developed for many clients very successful international channels of distribution.

Have provided strategic guidance for my clients that enabled them to increase their business through the acquisition of companies servicing different markets.

1010

Been part of several successful management teams that took an idea and built a solid company that raised venture capital and eventually went public or were sold to a much larger company. I have walked the path many of you are walking today.

1111

President of The Midwest Entrepreneurs Forum since its formation

Publisher of Bootstrapping newsletter

Former advisory board member of DePaul Universities Coleman Entrepreneurship Center

Am also Chairman of Modularis Inc. Am also Chairman of Modularis Inc. http://www.modularis.com. .

1212

What does it take to start and succeed in business?What does it take to start and succeed in business?

1313

. That's a question I am always asked by entrepreneurs/startups That's a question I am always asked by entrepreneurs/startups and and by owners of existing businesses that aren't living up to the by owners of existing businesses that aren't living up to the owners' dreams.owners' dreams.

Although there is no one answer that fits all businesses, there Although there is no one answer that fits all businesses, there are a number of practices followed by successful, happy are a number of practices followed by successful, happy business owners. business owners. No matter what you sell, you'll be ahead of the game if you No matter what you sell, you'll be ahead of the game if you listen carefully to what I have to say.listen carefully to what I have to say.

1414

The advice always given to those wishing to start their business The advice always given to those wishing to start their business is find is find

a need and build a product/service that fills the need. Always a need and build a product/service that fills the need. Always

remember you must be able to find customers willing to pay remember you must be able to find customers willing to pay more for your products or services then their cost.more for your products or services then their cost.

1515

As you begin your quest to start or grow your business always As you begin your quest to start or grow your business always remember that if you do not enjoy the business you have remember that if you do not enjoy the business you have chosen chosen to build, it will eventually fail. You must believe that the to build, it will eventually fail. You must believe that the product/service you are going to offer will be an improvement product/service you are going to offer will be an improvement to existing competitors or it will not be successful.to existing competitors or it will not be successful.

1616

Remember that there are 600,000 new ventures created in the Remember that there are 600,000 new ventures created in the U.S. every year.U.S. every year.

1717

Small Business owners are those individuals who are the Small Business owners are those individuals who are the explorers and pioneers of the business community. They explorers and pioneers of the business community. They break new ground and find new approaches to challenges. break new ground and find new approaches to challenges. No two days are alike. It takes flexibility, imagination and a No two days are alike. It takes flexibility, imagination and a sense of fun, but for those of us who love to be where the sense of fun, but for those of us who love to be where the action is, this is an exciting place to be! action is, this is an exciting place to be!

1818

I am confident that I can give entrepreneurs/small businesses a I am confident that I can give entrepreneurs/small businesses a set of skills and tools that will make them more successful. I have set of skills and tools that will make them more successful. I have developed developed a program focused on the launch and management of new a program focused on the launch and management of new ventures, blending the academic tools required to develop and ventures, blending the academic tools required to develop and operate an entrepreneurial business with practical approaches to operate an entrepreneurial business with practical approaches to making such a business financially successful and internationally making such a business financially successful and internationally competitive. competitive.

1919

I believe that your investment in your education should reward I believe that your investment in your education should reward you in you in the future.the future. .

2020

Becoming an entrepreneur means more than just getting an Becoming an entrepreneur means more than just getting an idea idea

and finding the financing to do it. Running a business on your and finding the financing to do it. Running a business on your own requires skill and knowledge. The question is what skills own requires skill and knowledge. The question is what skills and knowledge? and knowledge?

2121

Do you really need an MBA? Stories abound about Do you really need an MBA? Stories abound about entrepreneurs entrepreneurs

who have set up and run a business without a college who have set up and run a business without a college degree, degree,

some without even finishing high school. Are they the some without even finishing high school. Are they the exception exception

or is being an entrepreneur an art that you either have or or is being an entrepreneur an art that you either have or don't have?don't have?

2222

Many successful entrepreneurs didn't start out at the top. They encountered plenty of setbacks along the way, both personal and professional. But what finally set them apart were sheer determination and a will to persevere. All these top performers have something else in common: They said "Yes, I can" to themselves over and over in spite of the obstacles life threw their way

2323

The biggest mistake I see first time entrepreneurs make is that they spend too much money.

They rent an office or retail location, pay big incorporation fees, hire employees, and build an expensive website (just to name a few). And all before they’ve earned their first dollar!

2424

Each month their cash reserves get lower and lower while they struggle to make sales to cover their expenses. Eventually the fledgling business dies with no cash flow, leaving the owner hurt emotionally and financially.

2525

Luckily, it is possible (and actually quite simple) to start up a business without spending a dime. The beauty of using this method is that you can test out a new business idea quickly and with zero risk. And instead of spending time negotiating leases or dealing with employees, you can spend 100% of your time on the most important thing: making that first sale!

2626

The first thing you’ve got to do is get past the idea of spending. Work out of your home or Starbucks on nights and weekends. Instead of hiring employees just get started with what you can do yourself, or ask friends for help.

2727

You can spend money on all that stuff once you are bringing in revenue!

Don’t spend a single red cent that isn’t absolutely required when launching a new business! See if your idea works first, and then spend AFTER you’ve made your first sale!

2828

I’ve always assumed that one of the best ways to build a business is to build it around what you love to do.

2929

How many of you can't wait to get up in the morning to rush out and sell something?

3030

Fact is, most people have a negative perception of selling. They associate selling with a negative connotation of manipulative and aggressive tactics.

A career in sales is something you hope your brother-in-law (who hasn't had a steady job in five years) wouldn't even consider doing.

3131

Sales and marketing are like two brothers. Everyone knows they are different, but people often call them by the wrong name

3232

What is the difference between marketing and sales?

3333

I'm continually perplexed why so many marketing people believe selling is beneath them, and consequently, that professional salespeople aren't their equals. In my experience, many marketing departments believe they're on the sophisticated side of the business and have an array of facts and figures, statistics and benchmarks they use to support their position. I've never understood this.

3434

For example, several years ago I was the keynote speaker at a function for the one of my clients. Sales and marketing were lumped together in this association - as they are in many companies- thus all of their salespeople were called "marketing" people. The company did this because of the negative perceptions many people held about salespeople. I thought this was nuts. But how many other companies do the same? How many actual "salespeople" do you encounter?

3535

If you're like me, you more frequently encounter business development managers, account executives, marketing representatives, customer solution specialists, etc. All of these titles are trying to mask what these people are tasked to do: sell the company's products and services. Isn't the fact that a company tries to hide the true intent and/or position of its sales staff as deceptive as a dishonest salesperson?

3636

I'd say this company's mandated deception does more to put prospects on the defensive than the few dishonest salespeople they might meet. But even more unfortunately, this deception only magnifies and perpetuates the negative perceptions people have of salespeople, which is exactly what these companies are hoping their creative titles will avoid.

3737

Perhaps by blurring the line between marketing and selling, these companies believe prospects will be more receptive to their product or service. However, I believe it only adds to the confusion.

3838

Perhaps that is why I meet few people who truly understand the fundamental difference between sales and marketing. So lets get clear on both. At the most basic level, marketing is everything that makes the phone ring, while selling is actually collecting the money

3939

In a broad sense, marketing is everything that affects company profitability. Advertising, public relations, sales and actual product marketing are all under this umbrella. Many companies are themselves confused by this inherent difference, thus they often combine sales and marketing (product) together.

4040

This is a mistake as a company's sales and marketing staff must work together while remaining separate entities to maximize effectiveness. Why is this so important? I believe there are three primary reasons.

4141

First. A company's sales activity is the only activity that directly generates revenues. (I'm referring to professional, business-to-business sales and big ticket consumer items such as homes, vehicles, boats, etc.)

4242

Marketing may "push" prospects to buy, but salespeople "pull" them to customer status. And regardless of how clever a marketing campaign is, it will never be as effective as possible without the proper sales approach. This requires both the sales and marketing departments to be working jointly for the end result: increased sales.

4343

"Selling" or making sales consists of interpersonal interaction, the one-on-one meetings, telephone calls and networking that you engage in with prospects and customers.

The term "marketing" encompasses programs businesses use to reach and persuade prospects, including advertising, public relations, direct mail and more

4444

Did you know it takes approximately eight contacts or more with a single prospect before the average sale is closed? That's because prospects normally move through the sales cycle from cold to warm, and then finally hot where they're ready to "close" and become clients or customers.

4545

Entrepreneurs often get into trouble by choosing only those tactics with which they're most comfortable.

For example, someone who is inherently shy may forgo important sales tactics, such as networking, and rely solely on impersonal marketing programs.

4646

On the other hand, a more outgoing entrepreneur may spend countless hours making cold contacts at networking functions but fail to move prospects through the sales cycle due to lack of ongoing marketing support.

4747

To avoid this trap, divide your prospect database into cold, warm and hot prospects. Then, impartially identify the best tactics for reaching and motivating each group.

Sales tactics that help you reach out to cold prospects include networking, cold-calling and trade show participation, while cold marketing tactics are advertising, public relations, direct mail, seminars, special promotions and having a Web site

4848

To reach warm prospects using sales tactics, your business may rely on follow-up calls, meetings, sales letters and literature, e-mail or more networking.

4949

"If a young man tells his date she's intelligent, looks lovely, and is a great conversationalist, he's saying the right things to the right person and that's marketing.

If the young man tells his date how handsome, smart and successful he is -- that's advertising.

If someone else tells the young woman how handsome, smart and successful her date is -- that's public relations.

If the young mans date tells him how handsome, smart, and successful he isand asks him for another date she's been closed by him”

5050

As you see in my explanation above it takes multiple contacts using both sales and marketing to move the prospect from one level to the next. That is why it is import that you develop a process that combines both sales and marketing. This will enable you to reach prospects at all three levels; cold, warm, and hot. It's all about balance.

5151

Rather than avoid vital tactics with which you're less comfortable, such as cold-calling or public relations, take the opportunity to brush up on your skills or bring in the proper talent by teaming or partnering, subcontracting, or hiring.

5252

Start by choosing two sales and two marketing tactics, and plot all the activities it will take to carry them out. The key is to be realistic and not go overboard. It's important to create a sales and marketing plan that includes a combination of tactics you can engage in year-round to support the growth of your business.

5353

Fundamentally, marketing lowers the cost of getting your message to prospects by publishing a fairly generic message in bulk.

Sales increases the effectiveness by arranging for a sales person to engage a prospect interactively.

5454

"Selling ourselves" to others is the unselfish reaching out to other people, to show them how we can help them.”

5555

Most deals, particularly those involving large contracts or expensive capital equipment, are based almost entirely on the quality of the face-to-face interaction with the client. It's these personality factors that can swing the deal in favor of one company rather than another. There's a subtle difference between marketing and sales, of course, though in many companies the functions overlap and are performed by the same group.

5656

Winners are persistent. Selling or running a business for a living requires a tremendous amount of persistence. Obstacles loom in front of us on a regular basis. But it’s what you do when faced with these barriers that will determine your level of success. I believe that a person will face the most challenging obstacle just before they achieve their goal. The most successful people in any industry have learned to face the obstacles that get in their way. They look for new solutions. They are tenacious. They refuse to give up.

5757

" Tonight’s program reminds me of an occurrence that happened at one of my companies

There was always friendly competition between sales and marketing departments even though both departments reported to me.

We had an annual picnic where all employees and their families were welcome.

The marketing department thought it would be exciting to challenge the sales department to a base ball game at this picnic. The sales staff whipped the marketing department soundly.

5858

To show just how the marketing department earns their keep, they posted this memo on the bulletin board after the game:

"The Marketing Department is pleased to announce that for the 2005 Softball Season, we came in 2nd place, having lost but one game all year.”

“The Sales Department, however, had a rather dismal season, winning only one game.”

5959

We all have what it takes to become successful.

Are you ready to make it happen?

6060

6161

Sales come first and marketing comes second. A common mistake made by many entrepreneurs is that marketing (and investing heavily in it) will solve all your sales problems. This is not true, entrepreneurs risk spending far too much on marketing, developing attractive brochures and leaflets when what they need to be doing is going out and selling.

6262

Invest what you can afford to in marketing, but, it should only be money you can afford to lose. I recommend businesses concentrate their efforts on spreading the word of mouth marketing and stimulating the networking effect. I know successful companies who spend nothing on marketing and solely rely on the word of mouth network.

6363

When you’re trying to grow your business always start with ‘can we double sales?’ If an important customer happily says ‘yes, we’ll order twice as much’, it’s worth asking yourself the question: “Do I have the capability to provide them with double?” Maybe you can’t because you don’t have the capacity, or perhaps the resources or the market isn’t there, but you’ll find out quickly.

6464

Your first paying customer is not going to be a stranger. It has to be someone who is ready to bet their job to trust you personally to go up to his/her boss to justify spending real money on a non-existent or brand new company that has no guarantees of survival next year.

6565

Just remembering that you are dealing with real people, with real jobs will give you perspective in getting ready to network and sell your idea to your first customer.

6666

Find advisors along the way who can guide you through the process. These can be strangers. Successful entrepreneurs who have sold their companies and are working in a large company are ideal people who are likely to understand your position and will help you.

6767

You just need that one person who you can trust. If you truly believe you have this great idea to change the world, be proud of asking people to be part of it.

6868

When you find the right person you can ask them to be your advisor. Find out the best mode of communication that works for them and stay in touch. Take their advice and move ahead on next steps and keep them posted on your learning and progress.

6969

If your personalities do not work out, tell them politely and drop them. It’s common to learn after your networking round that this advisor was not the best advisor for the long-term. So, don't make commitments of payments or add their names to your business plan too soon. Treat them as a new friend and keep them posted and take it from there.

7070

Who is your customer?

7171

A popular and critical question posed to businessowners and entrepreneurs by lenders and investors is

"Who is your customer?"

7272

It's such a simple question, yet the inability to answer it has possibly caused more going out of business' sales than any other.

7373

Because many business owners place too much emphasis on their products and services, and too little on what the customer truly wants and needs.

You may have a great product, with more neat gadgets, features, and benefits that your competition offers, but does your customer care?

And how do you know they care?

7474

Why can failing to answer such a simple question have such a devastating impact on your business?

7575

The first place to start is by defining exactly who would be interested in buying your product or service.

This is your target market, defined as the group of the population sharing a common set of traits, which distinguish them from everyone else.

7676

One example, a children's clothing store located in the mall might have a customer profile like this:

Children between the ages of 3 to 8 years old, 65% female and 35% male, located within 10 miles of the mall, and whose parents earn over $50,000 a year.

These characteristics define a target market - and a central set of characteristics for potential customers for children's clothing.

7777

If you're in the start-up phase, your target market may be less tangible than the target market for a company with years of operational historyand customer files.

But as you gain experience running your business, and you maintain accurate records of who actually purchases your product or service, your understanding of your ideal customer will improve.

7878

So why focus on your target customer?

7979

First, if you don't understand who they are, how can you tailor your product or service to best meet their needs?

One key to business success is the ability to provide products and services that meet the needs and wants of your customers. If your customers want to purchase red shoes, and all you sell are blue shoes, how many do you suspect you will sell?

If your customer believes that the speed of your service is more important than its than its quality, isn't that information you need to know?

8080

Secondly, when you understand who your customers is, you can determine with more accuracy which marketing mediums and channels will be most effective in reaching them.

If your potential customer only watches national stations, and you advertise on a local station, your marketing efforts will be unsuccessful.

The more narrowly you can define your customer, the more focused your marketing efforts become, and the more your marketing dollars will work for you.

8181

For example, if you want to sell independent software developers a product, then advertising in a software industry magazine is a far more effective use of $10,000 than placing an ad in the Sunday Tribune.

This doesn't mean that your customer won't read the Sunday Tribune, just that you won't be advertising to all the millions of people who clearly have no interest in your product.

8282

Once you determine who your customer is, it's important to identify the size of your customer base. Is it large or is it small?

8383

If it's too large, consider narrowing it down and focusing on a particular niche.

Trying to reach and sell a large target market is difficult and costly, especially if it's populated by well-financed competitors who will force you to incur significant costs to achieve a sizable market share.

8484

If it’s too small, will you be able to capture enough customers to make a sufficient profit?

8585

Once you define your customer, and determine their total numbers in the population, it's a good idea to research the trends of your market.

8686

Over the next few years, what growth rate can be expected for your target market?

What changes are taking place in the makeup of your market, and how will they change in the future?

How are, and how will, customers change their use of your product or service?

8787

Effectively identifying your potential customer base helps to drive overall marketing and sales strategies.

8888

The world of metrics can be confusing for people new to these concepts. To better understand metrics and how they work, several terms must be defined: measurements, metrics and benchmarks.

8989

Measurements are the raw outcome of a quantification process, such as a company's numbers, ratios and percentages.

9090

Metrics are the standards for measurement, providing target values that a company must achieve to reach a certain level of success.

9191

Benchmarks are the very best measurements to aspire to, the standard by which all others are measured. Companies that set benchmarks in their industries are the ones often lauded in "Top Ten" and "Most Admired" lists and articles.

9292

A good example of a marketing benchmark can be traced back to the early 1990s.

Over a decade ago, a market research firm conducted a customer satisfaction research study for the personal computing industry. They spoke to customers who rated the companies in the industry, which resulted in a measurement ranging on a scale from one to nine. They learned that 84 percent of users who rated their satisfaction as a seven, eight, or nine would consider the same brand for their next purchase. Achieving a seven, eight, or nine became the metric that companies wanted to aim for. The benchmark was to attain a nine.

9393

In order to fully capitalize on the benefits of metrics, companies should consider establishing a continuous process where metrics are collected, analyzed, and reported on a regular basis. Over time, metrics can reveal valuable information about which marketing tactics are most effective, what types of prospects are most likely to buy, which customers are most profitable, and how the market in general develops over time.

9494

Metrics are a part of our everyday lives --- from our heart rate, to our bank balances; from our weight to the gas mileage on our cars.

If we don't pay attention to these numbers, we create the risk for a heart attack, being overdrawn, or running out of gas.

The same is true in the business environment. If a company doesn't identify and track important performance measures, its risk is increased.

9595

Metrics provide a means to assess progress; they provide valuable data points against which the marketing organization can track its progress.

Metrics demonstrate accountability and allow marketers to better know, act upon, align their efforts and reduce their market exposure.

Metrics enable the marketing organization to truly serve as the "eyes and ears" of the company.

9696

Market Share

Every firm should be concerned about its share of the markets and market segments in which it competes. By share we mean the percentage of market unit volume or dollar value held by a company as a proportion of total market size.

9797

Market share is merely the proportion of total market or industry sales made by one of the competing companies. Market share may be expressed either in unit sales or dollar values:

Total company sales (units or dollars) Market Share = _____________________________ Total industry sales (units or dollars)

9898

Methods of Measurement

The two primary groups you can interview or survey to make the market share measurement are:

Competitors Customers

9999

I feel the most reliable, accurate, and fast approach is to base market share measurements on competitive interviews. It is reliable and accuratebecause it is possible to interview 100 percent of the population of competitors. It is fast because there are about 25 competitors in the typical market. The range typically is between five and 100.

100100

I recommend that this measurement be done by completing competitive interviews over the telephone. Some of the key questions that should be asked are:

What were your unit shipments in 200X/200Y? What were your sales in U.S. dollars? What do you believe your market share is? What do your believe your key competitors' market shares are? What do you believe the total market size is? Which companies are gaining market share and which are losing market share? What is the price of your product?

101101

Obviously, many competitors will not answer all of these questions posed in thismanner and this order. You can improve your response rate by blending them into a very free-form and smooth conversation and by sharing information with the interviewee. For example, tell the interviewee what one of the key competitors feels about their company or its sales. This usually gets them involved.

102102

It is also important to build a verification process into your interviewing strategy. Some of your respondents will be stumped. They will not know the correct answers, or may not tell the truth. A verification strategy will help eliminate these problems.

103103

A verification strategy entails interviewing multiple people in the same organization to cross check sales figures, and by asking competitors their opinions about the accuracy of the responses received. You should also then multiply the average price of the unit by the unit sales to see if it matches the dollar sales given in the interview.

104104

From the sales figures and the total market size, you can calculate market share.

Market Share of Company 'X' = Sales of Company 'X' _________________ Total Market Size

105105

The other group you can interview or survey to make a market share calculation is the customer group. You can do this by a telephone survey, a mail survey, or trade show interviews.

106106

The two basic types of marketing research are quantitative and qualitative. The two basic types of marketing research are quantitative and qualitative.

Quantitative research answers questions that start with "how many" or "how much". Quantitative research answers questions that start with "how many" or "how much".

Qualitative research addresses issues that deal with "why" or "how Quantitative Qualitative research addresses issues that deal with "why" or "how Quantitative research usually involves surveys while qualitative studies rely on observation or research usually involves surveys while qualitative studies rely on observation or unstructured conversations with customers.unstructured conversations with customers.

107107

Where can I get help for marketing research projects?Where can I get help for marketing research projects?

When researching your business idea, it is important to do as thorough a search for When researching your business idea, it is important to do as thorough a search for information as is possible. It is also recommended to do as much of it as you can on information as is possible. It is also recommended to do as much of it as you can on your own. your own.

This will help you know the market for your idea better, and can help to keep the This will help you know the market for your idea better, and can help to keep the costs down at the start. costs down at the start.

108108

Some Places to start your research.Some Places to start your research.

FactivaFactiva LexisNexisLexisNexisBusiness Source PremierBusiness Source PremierProQuest DirectProQuest DirectThomson Research Thomson Research

109109

Factiva is an online database designed to allow access to business and financial Factiva is an online database designed to allow access to business and financial information. This service covers publicly and privately held companies, industries, the information. This service covers publicly and privately held companies, industries, the stock market and the economy. Coverage is domestic and international. Current stock stock market and the economy. Coverage is domestic and international. Current stock quotes, full-text newspaper, wire, and magazine articles, and company profiles can be quotes, full-text newspaper, wire, and magazine articles, and company profiles can be located via a user-friendly web interface.located via a user-friendly web interface.

110110

LexisNexis provides access to full-text articles from thousands of newspapers and LexisNexis provides access to full-text articles from thousands of newspapers and magazines worldwide. Full-text SEC filings are available. Many local and most national magazines worldwide. Full-text SEC filings are available. Many local and most national & international newspapers are included. Extensive coverage of the accounting, tax, & international newspapers are included. Extensive coverage of the accounting, tax, and legal literatureand legal literature

111111

Business Source PremierBusiness Source Premier The Business Source Premier database is a The Business Source Premier database is a comprehensive, business periodical database that includes scholarly journals and comprehensive, business periodical database that includes scholarly journals and business periodicals covering topics such as management, economics, finance, business periodicals covering topics such as management, economics, finance, accounting, international business and much more. It contains content from full accounting, international business and much more. It contains content from full text sources ranging from general business periodicals such as Business Week, text sources ranging from general business periodicals such as Business Week, Forbes, Fortune, American Banker, etc. to academic journals such as Harvard Forbes, Fortune, American Banker, etc. to academic journals such as Harvard Business Review, Journal of Management, Academy of Management Review, Review Business Review, Journal of Management, Academy of Management Review, Review of Economics & Statistics, etc. It provides cumulative indexing and abstracts for of Economics & Statistics, etc. It provides cumulative indexing and abstracts for 4362 business journals (3228 peer-reviewed) and cumulative full text for 3428 4362 business journals (3228 peer-reviewed) and cumulative full text for 3428 journals (2568 peer-reviewed).journals (2568 peer-reviewed).

112112

This database also includes Country Monitor and Industry Yearbook Reports from This database also includes Country Monitor and Industry Yearbook Reports from WEFA, 35 country reports from the Economist Intelligence Unit (EIU) and Wall Street WEFA, 35 country reports from the Economist Intelligence Unit (EIU) and Wall Street Words. The peer-reviewed full text content in Business Source Premier is unmatched, Words. The peer-reviewed full text content in Business Source Premier is unmatched, and full text back files are available for many journals back to 1990. Additionally, and full text back files are available for many journals back to 1990. Additionally, Business Source Premier includes embedded images for many of the full text journals.Business Source Premier includes embedded images for many of the full text journals.

113113

ProQuest Direct is a web-based service . ProQuest Direct indexes articles from over ProQuest Direct is a web-based service . ProQuest Direct indexes articles from over 1,000 business and general publications. This database covers a range of subjects 1,000 business and general publications. This database covers a range of subjects from company information to marketing and management trends.from company information to marketing and management trends.

114114

Thomson Research provides web-based access to complete SEC filings for U.S. and Thomson Research provides web-based access to complete SEC filings for U.S. and international companies. Real-time and historical EDGAR filings. Full-text articles and international companies. Real-time and historical EDGAR filings. Full-text articles and summaries from the trade press, newspapers, wire stories and newsletters worldwide.summaries from the trade press, newspapers, wire stories and newsletters worldwide.

115115

Journals/Newspapers Business Internet IndexJournals/Newspapers Business Internet Index

116116

ReviewReviewMarket AnalysisMarket AnalysisWho is your customer?Who is your customer?Knowledge of the customer enables you to determine the market size and what Knowledge of the customer enables you to determine the market size and what determines their buying decision. It provides information that will assist in choosing a determines their buying decision. It provides information that will assist in choosing a location, determining product or services to be offered, establishing pricing and location, determining product or services to be offered, establishing pricing and planning a selling strategy.planning a selling strategy.

117117

Key issues to consider are: Key issues to consider are: Who will buy your product? Primary and secondary target groups. Who will buy your product? Primary and secondary target groups. Where does the buyer live and what is their profile? Where does the buyer live and what is their profile? What factors influence the decision to buy? What factors influence the decision to buy? Who is involved in the purchase decision? Who is involved in the purchase decision? How often will buyers buy? How often will buyers buy? Where do they buy, when and how much do they buy? Where do they buy, when and how much do they buy? What are the buyer's preferences and needs? What are the buyer's preferences and needs? Are customers loyal? Can long term relationships be built?Are customers loyal? Can long term relationships be built?

118118

What product or service are you selling?What product or service are you selling?An important aspect of market analysis is to ensure that the product or An important aspect of market analysis is to ensure that the product or service meets the market (customer) needs. Product or service focus must service meets the market (customer) needs. Product or service focus must be the customer.be the customer.

119119

Issues to address are:Issues to address are:Specifications of all your products and or services and key features relative to what Specifications of all your products and or services and key features relative to what prospective buyers in your target market are saying they need. prospective buyers in your target market are saying they need. Comparison with competitors and how customers perceive your product relative to Comparison with competitors and how customers perceive your product relative to others available. others available. What are the current trends, what stage of maturity is the product life cycle at? What are the current trends, what stage of maturity is the product life cycle at? What regulations apply to your product or service? What regulations apply to your product or service? What packaging is required?What packaging is required?

120120

Who is your competition?Who is your competition? Are there competitors that exist now and what new competitors are likely to enter Are there competitors that exist now and what new competitors are likely to enter the market? How will your product or service compare and what is the probable the market? How will your product or service compare and what is the probable reaction of your competitors once you enter the market? reaction of your competitors once you enter the market?

121121

Issues to consider are: Issues to consider are: Who are your major competitors? Who are your major competitors? What share of the market do they have? What share of the market do they have? What are their strengths and weaknesses (e.g. quality, price, service, payment What are their strengths and weaknesses (e.g. quality, price, service, payment terms, location, reputation, etc.)? terms, location, reputation, etc.)? How do you compare to your competitors and how will they react to your entry intoHow do you compare to your competitors and how will they react to your entry intothe market?the market?What factors are there that could increase or reduce your competition?What factors are there that could increase or reduce your competition?

122122

What is the difference between marketing and sales?