Tom Laing small business support specialist
Tom Laing

Tom Laing

"Facilitating positive change and health"

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 Facilitating positive change and health
Homepage of Business Support Specialist » Core factors of Enterprise - Entrepreneurial Activities
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Overview of Enterprise
Administration - money, money, money
Entrepreneurial Activities - marketing, sales, promotions
Integration - me, myself and I
Operations
Understanding Context
Management
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Entrepreneurial or Marketing activities which are concerned with understanding and determining the needs and wants of customers, and ensuring that the business meets those needs by providing:

  • the right product,
  • in the right place,
  • at the right time,
  • for the right price.
This is usually achieved by developing an understanding of the customer and the area of opportunity that the business is seeking to exploit and packaging the products in keeping with the image of the business and promoting it to potential customers.

Key to this is segmentation. The Roy Morgan Research Centre in Melbourne is actively involved in providing segmentation tools. I was involved in the early stage development of their ten value segments
ten value segmentsnew economic order=neos
while I was employed with Ogilvy and Mather in Adelaide. Their latest offering are NEOs - the new economic order where NEOs are 24% of the population controling 54% of the discretionary spend.

This is where market research is conducted.
  • Undertake a competitor analysis - identify who are they, what are their strengths and weaknesses. How will you handle their strengths and take advantage of their weaknesses? Who are their clients?
  • Evaluate products, pricing for each, how each will be promoted (advertised)
Sales come into this area.
Generate your own prime prospect list, including competitors clients, of large, medium and small size firms or organisations that you think will want to use your services, write a letter to the CEO briefly outlining your services and seeking an appointment with the appropriate executives (it cuts through the bulls...) and follow your letter up 1 or 2 days after posting. Be aware that Executive Secretary's and Personal Assistants wield lots of power too. Be persistent in seeking an outcome either appointment/not interested at this stage/or not interested at all. Once there you will be talking to the most appropriate person, do your sales presentation or determine what their needs are and how you can help them solve their problems. From this determine the dollar value of the average sale and what it requires to be filled?

Is there a viable business to be created?


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