Today, market information is a matter of sifting, sorting, digesting, figuring out what’s important, and giving it context.If the past was about needles and haystacks, today it’s about finding the right needle in a mountain of needles.And you, the business owner, obviously need to know your industry well in order to survive—whether you write down what you know in a Do this if it fits the objective, but don’t weigh your plan down with too much information.Tags: National Bureau Of Economic Research PapersReview Of Literature In A Research PaperEditing DissertationsAp Human Geography Essay RubricsByron Wien EssayPictorial EssayHook Maker For EssaysEssay On Compassion Is The Basis Of All MoralityEasy Argumentative Essay Topics ListHardest Decision Essay
The problem with all of these terms is that they are buzzwords.
I prefer to talk about the potential market and current market share and to make the potential market the available whole market.
You were just promoted for the first time to sales manager. The path for most sales managers, typically bag carrying sales reps themselves once, is to come up through the ranks and exceed their quota every step of the way.
As a sales rep, you spent your days focusing on your individual deals, tactically thinking through how to win deals in order to achieve and exceed your quota.
Sales reps control their own fate, the effort and skill put in is a direct result to their output.
With that in mind, you can understand the challenges a sales rep might face as they transition to management.For example, a retail shoe store needs to know about individuals living in a local area; a graphic design firm needs to know about local businesses; a national catalog needs to know about households and companies in an entire nation.As you think about your potential customers, make sure you’re clear on the differences between the entire market, (total potential market), your reachable market, and your share of the market, or the number of customers you’ll actually land. I would define a movie theater’s SAM as the number of theater tickets sold per month or year in its geographic area.For example, divide a population by age and gender, and you have a classic demographic segmentation.This is obviously useful for businesses related to clothes and shoes, for instance.I don’t like acronyms and buzzwords that confuse real meaning.The details depend on the industry and the specific nature of the business plan event, or why you need your plan.A plan for a video game that helps autistic children starts with the story of a specific child and his parents.A pitch for a new medical technology starts with two aging baby boomers.And ultimately, in terms of information to use for running a business, dividing businesses into size categories based on numbers of employees is just as useful as dividing them into size categories based on total revenue.Few marketing concepts are more powerful than segmentation, which is about dividing a market into meaningful pieces.