Niall Ferguson: The 6 killer apps of prosperity

Future Trends and Techniques in Segmentation

Segmentation consists of group of buyers or a process of identifying groups of buyers who share similar set of need and wants. It is the breakdown of the market for a particular product or service into segments of customers, which differs in terms of needs, wants, lifestyle, religion, income level, gender, buying process etc, and their response to marketing strategies. Today’s organisations need fresh thinking on how to operate and compete in the new economy characterised by hypercompetition, customization and digitalisation. An organisation cannot serve all the consumers in the entire market, the consumers are too many and are too diverse in their buying process. An organisation therefore, needs to identify the market segment(s) it can best serve. Organisations been aware of these facts has been segmenting their products offerings to target a particular segment(s) of the market rather than using the old method of mass-marketing. ...

Marketing Planning: doing it right

There is an adage that ‘he who fails to plan, plan to fail’. This statement is as true as tomorrow, because whether you like it or not, tomorrow must surely come – unless you are dead! Planning is the integral part of our daily activities. If you don’t plan your day before going out, no wonder you failed everyday! For marketers planning is an essential task that must be continually undertaken. As we will see, shifting market conditions, including changing customer needs, advance in technology and competitive threats, almost always insure that what worked in the past will not work in the future, thus requiring a new strategy on how a product is marketed. Marketing planning is also important since it is often a prerequisite for obtaining funding whether one is a marketer in a large corporation seeking additional money for his or her department or is part of a small start-up company looking for initial funding. The 21 st century business environment...

SURVIVING THE FIRST 1,000 DAYS OF YOUR NEW BUSINESS

Each year, many new home-based businesses are started; but many also fail. Many newcomers, at first excited by the prospect of working at home, soon become disenchanted when they realize that even a home-based business requires tremendous effort and hard work. Here are the most common stumbling blocks that businesses fall prey to. These are guidelines to help you from falling victim to these pitfalls and survive your first two years in business. #1 = Undercapitalization. Lack of funds is the reason for failure of most businesses the world over. Many entrepreneurs fail to plan properly, expanding too soon or spending unwisely, and don’t get enough money to keep the business going for a certain period of time. A good business plan can help you avoid this. Invest enough to keep your business growing for three months. Investment in inventory is critical. ...

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