GROWTH: MANAGEMENT AND BRANDING, QUALITY AND SERVICE, LICENSING OR FRANCHISE. Management is "key" to convert people's changing needs into profitable opportunities. If you do not know where you are going, it is hard to get there. Management and strategy is the nuts-and-bolts to build and deliver consistency, a distinctive value to the target market with features of design, quality, service and cost to position you above the competition. A brand is any label that carries meaning and associations. A great brand does more. It lends coloration and resonance to a product or service. A company name and trademark can be the most valuable assets. Once you define the attributes of your brand, you need to express them in every marketing activity. Branding is the creating and development of a personality - identity for a product or company. The branding process includes: advertising, marketing and public relations. The aim of advertising is not to state the facts about a product, but to sell a solution or a dream. Ads primarily create product awareness, sometimes product knowledge, less often product preference, and more rarely product purchase. Sales promotion may be needed to trigger purchase. The better the product, the less you have to spend on advertising it. Your satisfied customers do the best advertising. You have to make decisions on the five Ms of advertising: Mission, Message, Media, Money and Measurement. Companies need to orchestrate a consistent set of impressions from its personnel, facilities, and actions that deliver the company's brand meaning and promise to its various audiences. Communication and promotion consists of company messages designed to stimulate awareness of, interest in, and purchase of its various products and services. Public relation disseminates messages designed to attract attention and interest. We confront 2 billion web pages, 18,000 magazines, and 60,000 new books each year. Companies have to spend more money marketing than making the product. "It is said that management is responsible for 85% of quality problems. Cheap quality is expensive; good quality is cheap." The right quality level depends on the customer and the product. Customers set the quality standards; your job is to meet them. Quality assures customer allegiance and leads to sustained growth and earnings. Licensing
or franchising where a franchisee pays a fee for an established outlet
is another means for growing an existing business. CONCEPTS2MKT provides
a full franchise development program including expansion strategies,
structural recommendations, and plans for pricing. |
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