Archive for December 2011
December 20, 2011 | 
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In the United States people read an average of thirty minutes’ worth of news per day. This readership supports a variety of news outlets, such as newspapers, magazines, and journals. Presently, the United States has the largest readership worldwide, and the largest number of newspapers, magazines, and journals.
Clearly, the savvy business owner would do well to advertise in print media. Some people suggest that digital media is a more modern option. Still, ignoring print media in favor of strictly online advertisement ignores the large circulation and great popularity of print media in the U.S.
Consider using print media as a part of your business marketing plan for the following reasons:
When an advertisement is published in print media, it does more than simply persuade the readership to purchase a product or service. It provides the business owner with a means for forming a strong corporate image with the publication’s readership. This aspect of print advertising is actually more essential than the more obvious goal of increasing customer base.
Print ads work well because they appeal to a reader’s emotions. The effective advertisement holds out the promise of betterment to a reader. This is accomplished via professional advertising design, including judicious use of color, layout, positioning, and language.
Print marketing professionals have an edge in that they can access readership surveys. These surveys gather data on readers of a publication, and allow marketers to more specifically target which techniques and strategies are most likely to be effective. They may offer incentives such as discounts or specials, or they may suggest to consumers that using a product or service will make them more cool or modern.
Print advertising also has the benefit of being tightly focused on an audience. For instance, a magazine that contains articles and information of interest and benefit to teen girls is going to be marketed to teen girls. Business owners whose goods and services are also marketed to teen girls would be wise to use this magazine for advertising.
Don’t listen to naysayers who suggest that print media is obsolete. They are wrong. Print advertisement is an excellent choice for urging a targeted selection of potential customers to buy your product or service.
A business plan’s contents are no secret. Many books, articles, and courses describe the major sections of a business plan. Although variations exist, there are key sections common to most outlines in business planning literature.
Executive Summary
An executive summary, generally one page to a few pages at most, covers all of the main points of the business plan to come.
Company Overview or Description
The next section begins with an overview of the current situation of the company. This covers who the founders are and why they started the company, what the products or services offered are or will be, and what steps have been taken toward the launch to date.
Market Analysis
Sections detailing research and analysis done on the market for the business come next. This should begin with an overview of the market or industry, including its size, breakup, and trends it is experiencing going forward. Data on the specific customer segments and competitors for the new business follow.
Marketing Plan
A marketing plan then covers what is generally called the 4 Ps of Marketing: Product (description of the products or services offered), Promotion (the promotional tactics to be used), Pricing (the pricing strategy for the business), and Place (the location for a retail facility or other means of distribution for the product or service).
Operations and Management Plans
The next section or sections detail the plan for how the company will operate and be managed. This must include details on who the managers are and their qualifications, whether they are partners or hired employees.
Financial Plan
The business plan continues with a description of the financial results the business intends to see, and the underlying cost and revenue assumptions. The financial section also details the amount of capital needed, what the funding will be used for, and the sources of funding that are being sought.
Appendices
Finally, a business plan concludes with appendices of documents which support the plan further. The appendices include full pro forma financial statements (income statement, balance sheet, cash flow statement) as well.
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Stakeholders in business management are those people who make a difference in your position. They can be your employees with specific skill sets who need to be placed in certain positions. The ability to place employees in the right positions will help project productivity. Stakeholders are also those people who have a stake in what you do at work. These might be your managers or other departmental personnel you work with. They can also include big clients. Knowing who the important stakeholders are in terms of your position at work can help you enhance your career by developing good working relationships with them.
Stakeholders have expectations of you as a manager. You need to know what the expectations are of you from all of the stakeholders in your position. If you don’t know what is expected of you, you won’t know if you are making everyone happy. Employees expect you to teach them when they don’t understand, work with them, motivate them, create a good working environment, and celebrate when success occurs. Management expects much more. Learn everything expected from your stakeholders so there are no surprises. This way you can make everyone happy and be successful in your position.
Business management also requires you to know how stakeholders are measuring your success as a manager. You might know what the expectations of the stakeholders are, but you might not know how you are being measured. Completion of a project might not be good enough. Your business management skills might be measured from a teamwork perspective. If you have assigned tasks to your employees and everyone is working individually, then you have completely failed their expectations even though the project was completed. As a manager, you are required to know how you are being measured so you can meet the goals properly. It is difficult to be successful if you don’t know how you are being measured by every stakeholder.
Business management requires you to know everything about the stakeholders of your position. The stakeholders in your position can make or break you. If you don’t know who they are then you will not be successful as a manager in business management.
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