Strategic Project Management
At Milkshake-factory, our aim is to deliver results. We understand your project deliverables and we aim to successfully deliver quality outcomes by:
- Keeping your work organised with milestones, tasks and sub tasks
- Gaining insights about the progress with visually appealing gantt charts
- Communicating effectively with your team using wiki, chat and forums
- Working with google drive, google calendar and gmail
Get your projects done faster with Milkshake-factory
Developing Your Marketing Strategy
In today’s very competitive marketplace, you need a Marketing Strategy that ensures a consistent approach to offering your product or service, in a way that will outsell your competition. Milkshake-factory develops a strategy for your business that blueprints the following:
Mostly influenced by requirements for net income and objectives for long term market control. There are three basic strategies to consider:
If your offering has enough differentiation to justify a high price and have minimal desires for significant market penetration and control, then you set your prices high.
2. Market Penetration
If your short term income is not so critical and your desire for market control, then you set your prices very low.
3. Comparable Pricing
If you are not the market leader in your industry, then price your offering comparably to those of your competitors.
Two types of promotional strategies:
1. Push Strategy
Maximises the use of all available channels of distribution to “push” the offering into the marketplace. This usually requires generous discounts to achieve the objective of giving the channels incentive to promote the offering, thus minimising your need for advertising.
2. Pull Strategy
Requires some commitment to advertising in the first stages of distribution. The objective is to “pull” the prospects into the various channel outlets creating a demand for your offerings.
The various distribution methods to get your offering in front of the customer:
1. On-premise Sales involves the sale of your offering where you visit your client’s facilities to make the sale.
2. Direct Sales involves the sale of your offering using a direct approach where all your selling is done through the Internet, telephone or mail order contact.
3. Wholesale Sales involves the sale of your offering using intermediaries to distribute your product or service to the retailers.
4. Self-service Retail Sales involves the sale of your offering using self service retail methods of distribution.
5. Full-service Retail Sales involves the sale of your offering through a full service retail distribution channel.
Environmental factors impact your industry and market growth and these include:
1. Government actions – Government actions such as subsidies, safety, operational regulations, licensing requirements, materials access restrictions and price controls.
2. Demographic changes – Anticipated demographic changes such as education, age, income and geographic location may impact the growth potential of the industry and market.
3. Emerging technology – Technological changes that are occurring may impact the strategy.
4. Cultural trends – Cultural changes such as fashion trends and lifestyle trends may or may not support your offering’s penetration of the market.
Understanding the market segments as defined by the prospect characteristics as selected as the target for your offering:
1. Potential for market penetration involves whether you are selling to past customers or a new prospect, how aware the prospects are of what you are offering, your competition, growth rate of the industry and demographics.
2. Willingness to pay higher price because your offering provides a better solution to their problem.
3. Time it will take the prospect to make a purchase decision is affected by the prospects confidence in your offering, the number and quality of competitive offerings, the number of people involved in the decision, the urgency of the need for your offering and the risk involved in making the purchase decision.
4. Knowledge of competitive pricing, their ability to pay and their need for characteristics such as quality, durability, reliability, ease of use, uniformity and dependability.
5. Adoption by the prospect is based on the criticality of the prospect’s need, their attitude about change, the significance of the benefits, barriers that exist to incorporating the offering into daily usage and the credibility of the offering.
The Product/ Service
Familiar with the factors that establish products/services as strong contenders in the marketplace:
Whether some or all of the technology for the offering is proprietary to the enterprise.
1. Benefits the prospect will derive from use of the offering.
3. Adherence to industry standards, unavailability of materials, poor quality control, regulatory problems and the inability to explain the benefits of the offering to the prospect.
Know your competition:
1. Understand their strengths and weaknesses
2. Other factors such as staying power, market position, strength, predictability and freedom to abandon the market must be evaluated.
A review of the strength and viability of the product/service development program:
1. Personnel who understand the relevant technologies and are able to perform the tasks necessary to meet the development objectives.
2. Adequacy and appropriateness of the development tools and equipment.
3. Funding to achieve the development objectives.
4. Design specifications that are manageable.
5. Development current and new technologies, complex projects and the equipment and tools.
Production with respect to their ability to cost effectively produce products/services:
1. Production manager including experience with personnel management, current and new technologies, complex projects and the equipment and tools used by the manufacturing personnel.
2. Economies of scale allowing the sharing of operations, sharing of production and the potential for vertical integration.
3. Technology and production experience
4. Personnel skill level and/or the enterprise’s ability to hire or train qualified personnel.
5. Suppliers and limiting bargaining power.
6. Control the quality of raw materials and production.
7. Access to raw materials and sub-assembly production.
Marketing / Sales
Analyse your marketing and sales for the following strengths:
1. Experience of Marketing/Sales manager including contacts in the industry (prospects, distribution channels, media), familiarity with advertising and promotion, personal selling capabilities, general management skills and a history of profit and loss responsibilities.
2. Publicity as measured by past successes, contacts in the press, quality of promotional literature and market education capabilities.
3. Sales promotion techniques such as trade allowances, special pricing and contests.
4. Distribution channels as measured by history of relations, the extent of channel utilisation, financial stability, reputation, access to prospects and familiarity with your offering.
5. Advertising capabilities including media relationships, advertising budget, past experience, how easily the offering can be advertised and commitment to advertising.
6. Sales including availability of personnel, quality of personnel, location of sales outlets, ability to generate sales leads, relationship with distributors, ability to demonstrate the benefits of the offering and necessary sales support capabilities.
7. Pricing of your offering as it relates to competition, price sensitivity of the prospect, prospect’s familiarity with the offering and the current market life cycle stage.
The strength of the customer service function has a strong influence on long term market success:
1. Customer Service manager in the areas of similar offerings and customers, quality control, technical support, product documentation, sales and marketing.
2. Technical support to service your offering after it is purchased and their reputation for customer service.
3. Accessibility of service outlets for the customer.
Cost To Enter The Market
The factors that influence your costs to achieve significant market penetration include:
1. Marketing strength.
2. Low cost materials and effective production.
3. Complexity of industry standards, unavailability of materials, poor quality control, regulatory problems and the inability to explain the benefits of the offering to the prospect.
4. Infrastructure in terms of your recruiting capabilities, employee benefit programs, customer support facilities and logistical capabilities.
5. Distribution effectiveness as measured by history of relations, the extent of channel utilization, financial stability, reputation, access to prospects and familiarity with your offering.
Factors that could influence the potential for generating and maintaining profits over an extended period include:
1. Potential for competitive retaliation is based on the competitors resources, commitment to the industry, cash position and predictability as well as the status of the market.
2. Construct entry barriers to competition such as the creation of high switching costs, gaining substantial benefit from economies of scale, exclusive access to or clogging of distribution channels and the ability to clearly differentiate your offering from the competition.
3. Competition as measured by the size and number of competitors, limitations on exiting the market, differentiation between offerings and the rapidity of market growth.
4. Sustain its market position is determined by the potential for competitive imitation, resistance to inflation, ability to maintain high prices, the potential for product obsolescence and the ‘learning curve’ faced by the prospect.
5. Bargaining power as measured by the ease of switching to an alternative, the cost to look at alternatives, the cost of the offering, the differentiation between your offering and the competition and the degree of the prospect’s need.
6. Market potential for new products considering market growth, prospect’s need for your offering, the benefits of the offering, the number of barriers to immediate use, the credibility of the offering and the impact on the customer’s daily operations.
7. Critical business decisions without undue influence from distributors, suppliers, unions, investors and other outside influences.
Your business is unique in every way and we want you to help you clearly define your online presence.
Schedule a free, no obligation consultation, Contact Us today.