Market Research & Planning

Build a competitive edge to sideline your peers

Provided by SME Knowledge UAE One of the most difficult jobs in the modern world business is to gain an edge over your competitors. A slight advantage can always play a hefty part in the establishment of your business. Competitive advantage is something that will place you differently than your competitors; make sure it is something worth wonders. How can you sneak a competitive edge over your peers in the industry? Pinpoint the target market for your product or service....

Luring words on the packaging; last effort to sell

Provided by Potential.com, Content Partner for SME Knowledge UAE   Research reveals that an average consumer is exposed to almost 3,000 to 10,000 brands every day. Isn’t it a huge number considering our four basic needs of the day; food, water, shelter and fresh air? So how do these marketers manage to sell their products to the customers and generate huge revenues; conduct price wars with competitors and spend large budgets on advertising? The answer is simple, it is all...

Basic principles to remember while investigating an opportunity

Provided by Potential.com, Content Partner for SME Knowledge UAE   Nobody is lucky unless they deserve it; famous Roman philosopher, Seneca, states that luck is what happens when preparation meets opportunity. Small and Medium Enterprises usually look towards successful entrepreneurs or firms and think that this person was in the right place at the right time but that is not true. Every business had its ups and downs before they became giants. It is always about creating an...

An army of two: how SMEs can benefit from the market opportunities of a strategic alliance.

Provided By Abu Dhabi Commercial Bank (ADCB), Strategic Partner for the SME Knowledge UAE A strategic alliance with another business can be a powerful catalyst for breaking fresh markets, enhancing customer perception and supercharging margins. So can your company re-imagine its potential and work in a partnership that challenges preconceptions and makes a critical difference to business performance?There are few certainties in life as an SME but one of them is that it pays to study the...

The significance of making correct pricing decisions for your business marketing success

Provided by Potential.com, Content Provider for SME Knowledge UAE In simple terms, pricing is the process of determining what a business will receive in exchange for its goods and/or services. Pricing decisions should be based, not only on what is necessary to recover business costs or match competitors, but also on the customer’s perception of what the good or service is really worth! So how can you make appropriate first-time pricing decisions? Establish a strategic pricing objective,...

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Create Your Marketing Plan

Your marketing plan should be a clear, concise, and well thought out document that guides you through your marketing program. Using a marketing plan template will help you focus on the objective of your marketing and how you intend to accomplish that objective. Whether your company provides products or services, your marketing plan is essential to your success. The six major elements to creating a successful marketing plan are listed below. Creating a marketing plan template from these points...

Segment Your Audience

Customer segmentation is understanding your customers' unique characteristics and behaviors so you can come up with a marketing message that communicates with them effectively. It also helps you to spend your marketing dollars wisely, using only those vehicles that can reach your identified segments. Evaluate your customers against these five criteria to ensure that you have clearly segmented your audience. 1. Type of customer Perhaps the most basic way to segment your audience is to decide...

Effective Competitive Analysis

For your small business to succeed, you need to know almost as much about your competitors as you do about your own company and customers. Unfortunately, many small business owners make the mistake of waiting until a competitor has opened up shop across the street and is cutting into profits to find out who and what they're up against.A competitive analysis allows you to identify your competitors and evaluate their respective strengths and weaknesses. By knowing the actions of your...

The importance of good distribution decisions in designing your marketing plan

Provided by Potential.com, Content Provider for SME Knowledge UAE Effective channels of distribution make the right quantities of the right product(s) available in the right place(s) at the right time(s) to satisfy target customers, while reducing the costs of marketing and acquiring the product(s). So how can you successfully design and manage your distribution channels? Design marketing channels that enhance product(s) availability, satisfy customer service requirements, ensure promotional...

Top Six Pricing Mistakes

A sound pricing structure helps companies generate sales and build customer loyalty. The wrong pricing structure can leave businesses struggling to service customers and reach profitability. When you need to determine what to charge for your products and services, steer clear of these common pricing mistakes. Underselling To set realistic prices, you need to be aware of all costs involved in producing your product or service. This includes easy to track costs such as the price of parts and...

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The 7Ps of Marketing Worksheet

Provided By Potential.com, Content Partner for SME Knowledge UAE   Benefits: The 7 P’s of the marketing mix include: People, Product, Price, Promotion, Place, Process, and Physical Evidence. These elements are required to successfully market your company, products and services. It also serves as a means to encourage brand loyalty in consumers. File Description: The file is a Microsoft Excel spreadsheet template.   Special Features:   Download this...

Channels Worksheet

Provided By Potential.com, Content Partner for SME Knowledge UAE Benefits: Defining your channels is essential and important to your customers and to your business. Through the right channels,  you can reach these customers more effectively. Channels include Email, Web, Social Media, Physical Locations, Events, Advertising, Communication Media, and Corporate Social Responsibility. Your channels are your display windows to customers and potential customers. Link them to the 7Ps...

Opening and Marketing

OBJECTIVE: Before you open for business, make sure that all the elements of your business are in place. In order to do this, we have provided a "Before you start" checklist for you to review and supplement with appropriate items. You will learn how to buy, and how to market, promote, and advertise your business. Opening for Business Before you start checklist Marketing What it takes to promote sales What and how to buy How to buy checklist Marketing tools E-commerce Promotion and...

Four marketing objectives

Provided by Potential.com, Content Partner for SME Knowledge UAE   This video explains the four marketing objectives.  Ensure that the marketing objectives are aligned with the companies and sales objectives.Constantly review your marketing objectives.Ensure your marketing objectives foundations are primarily based on factual evidence.Be realistic in your marketing objectives.

Two elements for innovation

Provided by Potential.com, Content Partner for SME Knowledge UAE   How do you innovate? This video explains the two important elements for innovation.

Difference between features and benefits

Provided by Potential.com, Content Partner for SME Knowledge UAE   Identify benefits from features and specs. This video explains the difference between benefits and features.Are all features benefits?Are all benefits features?Do all features carry benefits?Do people buy features or benefits?