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What are the four basic categories of Marketing Growth Strategies?

What are the four basic categories of Marketing Growth Strategies?

  • Tags 4 Basic Categories of Marketing Growth Strategies, Marketing Growth Strategies

Importance of Marketing Growth Strategies

Marketing growth strategies are frequently used by numerous companies. It could be great for the strategic development of your business and could outline numerous factors that will help you to be more successful in the market.

Most companies are always concentrated on several important factors, which include products and the market. Without sorting out every little aspect related to them, it would be hard to move forward. You always need to know more about your products, and what you can offer to your customers. Another important aspect is the market, like which market you are in right now and where do you see yourself in the future.

Market Penetration

The main goal of the market penetration strategy is to increase sales of existing products and services which are delivered in specific markets. You can determine the potential market size and increase your market share.

With this strategy, you can ensure that your customers will buy more from you and will use your existing services frequently. Besides that, you’ll have a chance to attract customers who are or were dealing with your competitors.

You can use several ways to achieve those goals. You can decrease the prices of products or services, and increase promotion and distribution support. You can also change your products a bit based on the information that you’ll have about your rivals.

Benefits of Market Penetration Strategy

Marketing growth strategies are frequently used by numerous famous brands, and Nike isn’t an exception. In fact, Nike uses a market penetration strategy very successfully. No matter in which store are you, Nike most like always has a bigger space taken, because retailers know that Nike will always help them sell.

When you are like Nike and have high market penetration, you are seen as the leader in your industry, your brand is well-known, you have good visibility in the market, you have high sales volume, and products and services that you are selling in the market are trusted and well-established.

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Market Development

The main goal here is to increase the sales of products and services in markets, which you haven’t explored yet or weren’t participating in actively. Market expansion is beneficial, but needs good research which will determine how you can make your product or service interesting and successful for the new market. You can explore foreign markets as well.

First of all, consider if the demand for your product or service is high in the new market and how your existing resources can help you to establish your place there. Proper risk management and in-depth market research will help you to sort out everything better.

Benefits of Market Development Strategy

The market development will help you with expansion and will give you a chance to increase your visibility in numerous other markets as well. Also, you’ll have a chance to start operating in different countries. This strategy is beneficial for physical stores and online businesses as well.

For example, Dunkin Donuts is known worldwide. They have almost the same products in every country and are the favorite option for numerous people, but they still try to serve more regional and cultural products when there is a holiday in a specific region. So they are able to get accustomed to foreign markets with everything that they have and make little modifications when necessary to satisfy their customers.

Product Development

Product development is another marketing growth strategy that is mostly focused on launching new products and services in existing markets. You can improve existing products or develop additional products according to your research. Sometimes companies even ask other companies for the rights to produce their products.

First of all, you should know a market need. Products that solve the problems of customers are more successful and appreciated. Determine more aspects of your ideal product, think about what you should be focused on to turn your ideas into reality, create guidelines, and then use them for maximum impact.

Benefits of Product Development Strategy

With a solid product development strategy, you’ll be able to reach new heights. It’s a little bit risky and needs good planning to work successfully, but the results that could be gained are too beneficial to not think about this option.

For example, Netflix started out as a DVD rental platform, but it evolved greatly over time. Netflix evolved alongside the market trends and shifted towards streaming media, and we see now it’s one of the most popular platforms on the market. In this case, it’s clear how Netflix identified a need in the market and developed a product that would address it.

Diversification

The diversification strategy mostly focuses on launching new products and services in previously unexplored markets. This strategy is risky because creating new products for a new market is anything but easy. There are several types of diversification.

Horizontal diversification is focused on purchasing or developing products, which will be sold to existing customers. During vertical diversification, the company gets involved with the sector of its suppliers or customers.

Concentric diversification is related to creating products that will have some technical or commercial similarities to other products. Conglomerate diversification is about products or services that have no relation to existing products or services, but might be appealing to a totally new group of customers.

Benefits of Diversification Strategy

There are numerous benefits that you can gain from this risky marketing growth strategy. For example, you can use horizontal diversification when you are making notebooks and then enter the pen market with new products. If you have a company that does the reconstruction of different buildings, you can start selling construction materials as well, in this case, you can use vertical diversification.

Concentric diversification is frequently used by small producers of consumer goods as well, for example, it could be used by any bakery or restaurant that wants to sell new products. Or let’s suppose that you had a company that was a cement provider, but now you are focused on home décor and electronics as well, it’s what happens with conglomerate diversification.

Also, one of the greatest examples would be Walt Disney, because right now besides the animation business that they were focused on, they have TV broadcasting, live entertainment, theme parks, etc. So based on these marketing growth strategies, you can turn your ambitions into reality.  

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Successful Selling in International Markets

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Successful Selling in International Markets

  • Tags Successful Selling in International Markets

What’s the Importance of International Markets for Businesses?

International selling is always interesting for businesses that are looking for expansion and would like to achieve bigger success outside of their borders. By selling internationally, you can explore new markets which will be full of new buyers. So one of the biggest advantages that you’ll gain from the beginning is a bigger customer base.

Businesses grow faster this way and get numerous opportunities for brand expansion. You need to understand more about specific cultural and regional differences, and also need to do market research. The final results that you can gain will be very rewarding.

Finding Opportunities and Exploiting Them

First of all, you need to find opportunities. You have to know what you’ll be aiming for while stepping into international markets and be ready to evaluate all the options around you. You need to see clearly what is opportunity, how big it is, and how well-suited it is for you.

You can assess opportunities from different angles, you can look through financial components, do the risk assessment and think about how long would you need to sort out everything. Overestimating the potential and underestimating the financial resources and time that this process requires is easy and but should be avoided at all costs.    

Spend Time in The Marketplace

There is a huge difference between knowing a market and knowing about a market. You might have numerous ways of researching and analyzing information, but spending some time in the marketplace could be very beneficial for you. There is no substitute for that. You’ll have an opportunity to observe the people as well and catch details that you won’t be able to see via surveys and research.

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Use Your Unique Advantages in the Market

Be clear about your benefits and advantage in the market. Successful selling in international markets requires more clear propositions from your side. You must know how your competitors are performing in the market, what are their strategies, and what are their similarities and differences.

Trying to get accustomed to numerous roles at once and basically trying to be everything won’t benefit you, but choosing a specific line that can showcase your originality will make you stand out as unique addition to the new foreign market and will positively influence your sales.

Develop a Target List

You should have a clearly defined target list, which will be based on a clear customer profile. Try to target the customers who will find your products or services more beneficial. Directly trying to accommodate everybody’s needs won’t be an advantage for you.

First of all, you are establishing a name for yourself there, so besides being unique yourself, targeting unique customers who can benefit the most from your products and services and will understand your company more, will only work in the best ways for you.

Test the Reaction

Understanding customers is easier when you are observing their reactions. Researches are informative, but sales activity could give you better insight. Sales don’t stir far away from emotions. It doesn’t matter in which country you are operating; you won’t be able to avoid the emotional turmoil that always accompanies sales.

By testing reactions you’ll be able to understand what are really the requirements of the market and what’s the potential for you to achieve success. Based on what the market tells you, you might have to change your strategy or approach.

Localize Your Approach

Everything that works well in your country, might not be successful abroad, so you need to find different ways for getting involved in international markets. In order to sell successfully you’ll need to tailor your proposition.

Look through the customs of locals, understand what are their needs and what kind of taste they have. Based on this information adapting your product or service will be easier.

People in the local market see everything differently and at first, you might have difficulty understanding them. Getting assimilated into the environment and trying to understand them will reward you with better answers and solutions. Just don’t overlook the traditions or any aspect that could be different from your country.

Local Partners

Having local partners and contacts is another advantage that could help you. You could find the companies whose products or services complement your own. Working together might be beneficial for both sides. This way you can partner up with local organizations and be sure that locals won’t reject your foreign company. It can be a great opportunity for you to sell successfully in international markets.

Adopt a Long-Term View

You should be prepared for long-term plans and views. You need to be able to commit to the market. The sales cycle is complicated and needs dedication. Building relationships need time, especially when it comes to different countries, markets, companies, and foreign people. Good results need time, patiently following your strategy will give you the possibility to be successful internationally as well.

Invest in Sales and Marketing

First of all, having a plan will help you to manage your expectations and also will help you define your goals. This way you’ll be able to carefully distribute your energy and resources toward the aspects of your business that needs more attention. Most companies try to make correct investments to make sure that their goals will be achieved.

Investing in sales and marketing will guide you toward new discoveries and better profits. With marketing, you’ll be able to tell stories, cultivate interest and turn that interest into leads. You need to evaluate your products, and your services and based on that create a unique plan which will make you stand out in a competitive environment.

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What do you need to know before you launch a new product/service?

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What do you need to know before you launch a new product/service?

  • Tags Launching New Product/Service

Why do You Need a Plan Before the Product/Service Launch?

All companies generally aim for more improvement and are more than ready to invest their resources in innovations to ensure their future success. Things that happen before launching products require good planning and overcoming a few chaotic situations.

In the beginning, you need to know important details about your product/service, and you need knowledge about your target audience and market. These are basic details, but you need a proper plan which will help your company to build anticipation for the product/service.

A good plan will help you to get valuable feedback from early users as well and will create momentum for you, which will guarantee the successful promotion of your product/service.

Determine the Right Time for Product/Service Launch

Timing is everything for your product or service. Establishing everything might need a great deal of time and money, but that can’t be avoided. First of all, what you have to do, is choose the correct time.

You have to know what’s happening on the market, and what are customers looking for, and determine how you can help them in this case. In order to sell and generate more, you need to fit into the environment and be suitable for specific expectations. Companies choose different scenarios based on their products/services. Either they launch the product first in the market, or they wait a little bit and launch when the demand has grown.

It’s important to get feedback from the beginning and improve any defects that your product might have to ensure that the next wave will offer your customers higher standards. The date of the product/service launch should be known to customers; you can ensure it with your marketing activities.

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Determine the Pricing Strategy

Pricing strategy is important to ensure that a product or service won’t fail, it’s a crucial factor that needs good research. First of all, look around you and evaluate what’s happening around you, in the market, with your competitors, etc. Understand common pricing strategies in your industry, conduct market research, and be focused on long-term business profits.

Choose Packaging

Product packaging can help you win the buyer’s heart and leave a powerful impression on your brand. You should show your target audience how your brand is different and cultivate the relationship between your brand and customers with your packaging.

You have to know your target market to make an impact and evoke the kind of reactions and feelings that you’d like to get. You should know the pain points of your target audience, and their buying habits and consider demographic aspects as well. You can go for eco-friendly packaging as well because lots of people are interested in brands that support recycling.

Your New Product’s Name

First of all, you have to define product objectives. Companies use product names to reinforce the value of their brand and to give their audience clear messages. Brainstorm name options, go through the list, and highlight the ones that fit your objectives better. You can use a product’s definition, invent a new word, create a unique spelling, etc.

Promotion

Every product, no matter how good they are require good strategies that will help you with promotion because without promotion nobody will know about them. You can do promotion via social media posts, blog posts, email marketing, etc. You can organize contests and giveaways as well.

You need to understand more about different marketing channels and do your research about them in order to create the best promotion strategy for yourself. You can check the activity of your customers on your social media as well and see generally from where can you reach them more easily and where they are looking for your more frequently.

Know Your Target Market

While working on marketing campaigns you shouldn’t have doubts, you should be more aware of your target audience, and be prepared to meet their needs and requirements. You have to specify who is your target audience, do market research and find out all the crucial aspects that could help you before your product/service launch.

Look at industry trends as well and communicate with your customers. Evaluate the data that you’ll get and act accordingly. You don’t have to follow the rules strictly, being innovative and finding creative solutions is more than okay. Customers always enjoy originality.

Know Your Competition

Competitors are always everywhere. For businesses, being surrounded by competitors is basically part of their natural environment. So you have to know your competitors well to make sure that nothing and nobody around you will have a negative impact on your business.

You can take a look at their marketing strategies and understand more about their products. Finding out after launching your product, that your competitor has better and cheaper products, won’t be beneficial for you.

Test Your New Product/Service Repeatedly

Testing your products and checking the quality of services will be necessary to ensure that your competitors won’t go ahead of you, and also to ensure the success of your product. Testing and improving them will give you valuable information in present, but you’ll be able to use this information in the future as well. Products that are developed and changed over time will make the customers stay loyal to you.

Get Reviews

Reviews, good and bad as well can help you out a lot. You’ll understand more about the good aspects of your products and services and also, what can be improved. Based on the information that you’ll get you might re-work your marketing strategy, re-launch your product/service, etc. In the end, you’ll have a better understanding of the most crucial aspects that you need to know before the product/ service launch and can expect to achieve maximum results.

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What are the best types of Benchmarking for your Company?

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What are the best types of Benchmarking for your Company?

  • Tags Benchmarking, Types of Benchmarking

Importance of Benchmarking for Companies

Benchmarking is the competitive edge that allows your company to adapt, grow and evolve through change. Benchmarks are basically reference points that you could use to compare your performance against the performance of others.

With benchmarking you could measure key aspects of your business and compare them to others. You can learn from other companies as well and understand more about important strategies that you could integrate into your company.

Advantages of Benchmarking

With benchmarking you could just use the best practices of other companies and modify them to your needs, without wasting your time and money. Also, technological improvements and implementing changes in your company become easier. You could minimize the competitive gaps between you and different companies as well.

All the activities that companies require for improvement will be based on carefully formulated strategic goals and objectives and will help you to think differently as well. Also with the type of benchmark that could be more suitable for your company, you can improve critical areas of your business. Some companies use several different types of benchmarking together.

Performance Benchmarking

With performance benchmarking you can identify the areas of your business that need improvement. In this case, the company’s products, services, and operations are measured and analyzed against other competitors and industry leaders. Companies understand more about certain metrics, like time-to-market, cost-per-unit, customer retention, etc.

Overall performance benchmarking gives companies chance to analyze past performance, compare their capabilities and resources against industry standards, and improve numerous processes, products, and services.

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Best Practice Benchmarking or Process Benchmarking

It’s often used in strategic management, where companies observe and investigate their business processes and performance, but on top of that they are identifying the strength and benefits of one or more benchmark firms.

Best practice benchmarking involves several steps. First of all, you need to identify the subject of benchmarking. Then establish the team that will work on the subject, which could be anything that you are interested in, for example, a project that you were working on. And then you have to clarify the subject to be benchmarked. Then you have to observe a lot, choose specific organizations and get to know them.

Strategic Benchmarking

Strategic benchmarking can help you determine best practices to reach your organizational goals. In this case, several processes and practices are evaluated, like core competencies, process capability, strategic intent, etc. In order to determine best practices for your company, you are learning more about other organizations’ strategies as well.

You are assessing customer needs, and expectations, collecting information about them and studying market statistics. Also, some companies gather information from their competitors’ customers as well. External elements can be used to set new goals for your company. Basically, you can expand your search for improvement and don’t rely solely on information that you can get from your environment.

Internal Benchmarking

In this case, you are comparing units of departments which are in your company. This type of observation will help you determine best practices or methodologies for conducting certain tasks. This way you can understand more about your own inner structure.

For example, the warehousing and shipping of certain products from one branch of the company could be compared to the warehousing and shipping of products from a different branch of the same company.

Competitive Benchmarking

Competitive benchmarking is the process of comparing your company to several other companies while using certain metrics. This way you can measure the performance of your company and determine how well are you performing compared to your competitors.

You can understand how you are performing on different levels, get a more detailed overview of the company and find ways that will make you stay competitive. Companies understand numerous aspects in more detail with this type of benchmark. For example, they can get a better overview of their pricing policy.

Functional Benchmarking

Functional benchmarking provides you with industry trend information, and you have access to quantitative comparisons as well to determine best practices for your company. It’s a comparison of functions against other companies that are within your sector or technological area but aren’t your competitors. Comparing copper mining techniques to coal mining techniques would be a great example of functional benchmarking.

Financial Benchmarking

Financial benchmarking is related to financial analysis, which is essential to understand more about the productivity and efficiency of your company. In this case, you can compare the financial analysis that belongs to your competitors to your own. It can help you to conduct different processes in better, faster, and cheaper ways.

Generic Benchmarking

Generic benchmarking is analyzing two companies in different industries and comparing their general business functions. In this case, your team can be focused on any features or functions that are common across industries, like website functionality for example.

One of the biggest advantages is that it can show you a broader perspective of numerous aspects of your company. You’ll be crossing the borders of your company to search for additional information, so this process at the very end could help you to get more innovative ideas.

Product Benchmarking

Product benchmarking helps you determine how your product is performing against others based on specific metrics. It can help you to understand more about your products and how can you improve them.

This way you can get an overview of the market and popular trends, and compare your results to your competitors. It will help you make the best decisions based on the data that you’ll have.

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Steps of a good Go-to-Market Strategy for better Competitive Advantage

Steps of a good Go-to-Market Strategy for better Competitive Advantage

  • Tags Go-to-Market Strategy, Steps of Go-to-Market Strategy

Purpose of a Go-To-Market Strategy

A go-to-market strategy (GTM) is frequently used by businesses to bring a new product or service to market. GTM strategy can help you with target market profiles, a marketing plan, sales, and distribution strategies.

With a go-to-market strategy, you can minimize the risks that could be related to a new product launch and maximize the chances of success. You’ll know more about your target market, will be able to identify promotional channels with the highest return on investment, and will have a better understanding of sales channels.

Identify Your Target Market

The first step that you have to take while creating your go-to-market strategy, is to identify your target market. Customers are an integral part of any company so while developing strategy you should always think about them.

First of all, you have to study the target market that will be interested in purchasing your product or would require your service. You need to determine if your products are more suitable for everyday consumers or if you want to provide other businesses with them.

Then try to identify similarities between different groups based on demographic, psychographic, or other characteristics. This will help you to understand more about the target market. Determine what are the pain points of your customers and how could you help them with your products or services.

Clarify Your Value Proposition

A product’s value proposition refers to the benefits that consumers can be provided with and the problems, that it can solve. It determines why your product should be purchased or your services used. At this stage, you can understand more about your product and how it can be competitive in the market.

You have to understand what kind of issues your products can sort out, and what features make it stand out compared to other similar products and competitors. Then try and find out what your potential customers can gain from your work, and what could be valuable features or experiences for them.

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Define Your Pricing Strategy

After understanding the target market and value of your product or service, you can start working on your pricing strategy. In this case, you shouldn’t set up too much price or too low, you should find the balance which suits best the discoveries about your products.

In order to create the best pricing strategy for your product, consider how much it costs to manufacture your product or service, what price would be beneficial to make profits, and how your competitors value similar products. Your strategy should match business objectives and customer profiles as well.

Craft Your Promotion Strategy

A promotion strategy is like an action plan and is about promoting your product or service. In order to reach customers and let them know the true value of your product, you need a good marketing plan. How this process will be developed and used depends on the specific characteristics of your product or service.

First of all, you have to determine while working on social media marketing which platforms would attract more customers towards you organically, then evaluate how offline realms could aid you with product promotion. Determine which marketing methods seem to work better for you, and which methods are more suitable for your budget.

Choose Your Sales and Distribution Channels

After determining the value of your product, choosing a pricing strategy, and developing a promotion strategy, it’s time to work on distribution and devise a plan, which will increase your sales. The aspects that you found about your product are helpful, but not enough to ensure successful sales.

Via sales channels consumers purchase products, and with distribution channels they get it, so it’s crucial to take care of these aspects. Customers’ journeys should be quick and simple. So you have to determine if your product has any specific sales and distribution requirements, where your target audience goes shopping, what services they use, and how can you make your sales process as easy and comfortable as possible.

Set Metrics and Monitor Your Performance

After going through these steps, you need to evaluate what you gained from the go-to-market strategy and how can you keep positive results. But the most important aspect that all companies should keep in mind is that the success of a go-to-market strategy mostly depends on the goals that have to be achieved.

When you are turning your ideas into reality with this strategy, you need to monitor each aspect that is important for your business goals to determine where can you make any adjustments, what you need to improve, or which aspects are performing well.

To determine your success, you can measure several important aspects of your company, like what’s customer acquisition cost, cost per dollar of sales expense, closing/conversion rate, and length of the sales cycle.

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What are the Different Types of Data Mining Techniques?

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What are the Different Types of Data Mining Techniques?

  • Tags Data Mining, Types of Data Mining

Importance of Data Mining

Data mining is crucial for companies when they are searching for anomalies, patterns, or any aspects of the larger data. It makes predicting the future easier. Implementing the data mining process into your working schedule will help you to reduce risks, and improve customer relationships along with your general performance.

The main goal here is to find important elements in your data, find their connections, and predict future trends based on them. With data mining, you can come up from the informational chaos with valuable insights.

Decisions that will be based on this process will give you more capabilities to improve your business and overcome your competitors. There are several different types of data mining that could work for you.

Classification Analysis

This type of data mining can help you to search for important and relevant information about data and metadata. It will help you to classify your data as well, so your information will be distributed in different segments, called classes.

For example, Outlook email can sort out emails as legitimate or spam based on classification analysis. It’s useful for retailers as well when they are trying to study the buying habits of different customers.

Association Rule Learning

It can help you when you are working with larger databases. This way you can identify possible connections between each element and see hidden patterns in the data. Based on the valuable information that you can gain from this process, you can make more successful decisions for your future.

Association Rule Learning is frequently used to examine the behavior of customers, determine shopping data analysis, product clustering, etc. In the IT industry association rule learning is used to create programs capable of machine learning.

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Anomaly or Outlier Detection

In this case, you can discover anything that doesn’t go well with an expected pattern or behavior. This way you can get critical information about numerous aspects, and use it for fraud detection, fault detection, and any other disturbances. For example, it can be used to detect credit or debit fraud, and lets you see network disruptions as well.

Clustering Analysis

This type of data mining creates meaningful object clusters, where every element has the same characteristics. For example, you can group customers based on sales data, where it will be considered what they are purchasing more frequently. Clustering analysis can be used for web analytics and text mining. There are companies who use it for customer profiling as well.

Regression Analysis

A regression analysis refers to the process of identifying and analyzing the relationship between different elements. It’s used to determine the dependency between different variables because one variable might depend on another but it doesn’t work both ways.  Also, most companies use it for prediction and forecasting.

Sequence Discovery Analysis

The primary goal of sequence discovery analysis is to discover interesting elements and patterns in data. You can evaluate certain criteria hidden in patterns, like the occurrence frequency of anything and duration. It can give you beneficial information for stock exchanges, shopping patterns, etc.

Summarization Analysis

Summarization analysis is another type of data mining, that can help you to simplify your data to quickly identify useful patterns, also you’ll be able to determine more easily what is normal and what seems to be out of place.

For example, summarization is frequently used to create graphs, or calculate averages from a given set of data. You can use tabular summarization to instantly see frequency distribution, cumulative frequency, etc. Or you can use visualizations, like histograms, line graphs, and column graphs to immediately spot trends.

Time Series Analysis

In this case, you can clearly see how different variables change over time. Time series analysis typically needs a larger number of data points to ensure consistency and reliability. Also, you can be sure that any trends or patterns that can be discovered here won’t be outliers. You can use this method to predict future data based on historical data.

Organizations use this method to determine future events and how beneficial they could be for the company’s future. Nowadays, there are numerous technologies that can help you to collect massive amounts of data and analyze it. This way you’ll have a better understanding of numerous aspects that you’ll need to work on in the future.

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What are the different functionalities of Business Intelligence?

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What are the different functionalities of Business Intelligence?

  • Tags Business Intelligence, Functionalities of Business Intelligence

Importance of Business Intelligence

Different organizations always invest their time and money in different software, systems, and strategies to keep up with modern trends and changes. These investments are mostly based on the company’s interests and requirements.

The development of business intelligence solutions is crucial and is related to numerous factors that actively influence processes that gather, analyze and manage data for the company. In this case, the company’s team is more ready for the decision-making process and has a better understanding of product performance and valuable statistical analysis, which can benefit lots of areas of business.

Usage and Application

Business intelligence is a technology-driven process for analyzing data, that will always let you know what happened and why it happened. In order to reach that goal, it uses past and current data to track present performance and understand how it can drive progress. It can be used for numerous aspects of the company, including performance management, visual insights, and flexible reporting.

How Business Intelligence is Used in Different Industries

Business intelligence is related to lots of aspects, that drive crucial functions of different industries, but almost all of them support business decisions and ensure their success. In this case, companies benefit from technology tools, applications, and methodologies.

For example, manufacturing industries use business intelligence functions for order shipment and customer support. Logistics always require data updates and tracking of the supply chains, so this industry actively uses business intelligence as well.

Financial services, healthcare industries, retail industries, digital media industry, fast-moving consumer goods, market research agencies, construction companies, and numerous others can successfully integrate business intelligence functions into their businesses.

Functionalities of Business Intelligence

Business intelligence is the combination of numerous factors, that are related to data exploration, data analytics, data visualization, reports, software infrastructure, etc. Businesses have a chance to get a critical update on their data and solve real business problems.

There are several functionalities that business intelligence should provide you with. Collecting and analyzing data could be done via numerous IT solutions, including software platforms and cloud computing. When you are armed with these features you have more chances of being successful.

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Improving ROI by Understanding Business

With business intelligence companies can become data-driven enterprises, that will have more competitive advantages. One of the biggest advantages that you can get from this experience is improving ROI. You’ll be able to understand your business better and strategically allocate resources to meet strategic objectives.

Return on Investment (ROI) will help you determine the success of investments. In this case, with the evaluation that you can get from business intelligence, your team will know whether they need to purchase a new tool or not, also you’ll have a clear idea about what types of tools you can use in the future.

Hiring new employees, sorting out specific departments, and determining sales strategies will be easier with this solution. Calculating ROI will be beneficial for any strategy to determine the next steps of the company.

Unravel Customer Behaviors, Preferences, and Trends

Data that you get from business intelligence solutions will help you determine more important aspects regarding your customers. In order to drive sales and increase conversion rates, you’d need statistics that cover specific aspects of your target audience.

Getting more insight into their behaviors, preferences, and trends that are actively used now, will give you a great advantage and also will help you to define customer-centric solutions and innovations. Companies can tailor products or target prospects based on this kind of information.

Improve Business Operations and Supply Chain Management

With data insights that business intelligence will provide you with, you can fix the issues that your business might be dealing with and manage each aspect more successfully. Supply chain management will be easier as well because you’ll be able to monitor interactions between partners and suppliers much better.

Data Preparation and Analytics

No matter what are the goals of the company, business intelligence is always ready to help you with data preparation. In this case, raw data is transformed before the processing and analyzing process. Raw data is unstructured, so with business intelligence, you ensure that your data will lack errors and will be valuable.

First of all, it should be determined what kind of data needs to be processed, and where it’s located, then the quality of data should be checked, then it needs to be fixed and transformed. After that, the data is ready to help you discover valuable insights. Analytics will help you to combine the necessary information and guide you to the right points.

Distribution of Key Performance Indicators (KPI)

KPIs can help you measure a company’s performance against a set of targets, objectives, or industry peers. You’ll have a better understanding of client retention rates, customer satisfaction levels, profits, and other general aspects of your company. With the information that you can gain from business intelligence, you’ll be able to come up with better business decisions.

Business Intelligence Tools and Applications

In order to meet different information needs business intelligence uses numerous tools and applications. For example, Ad Hoc Analysis can help you to analyze specific business issues. Online Analytical Processing is suitable for complex calculations and is used to analyze data along multiple dimensions.

Via Real-Time BI applications you can understand more about business operations, customer behavior, financial markets, and other areas of interest. Location Intelligence updates you about geographic elements in business data and operations. Adriel is a modern solution for collecting, processing, and managing data, that helps businesses of all sizes to make better decisions.

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Different Types of Frameworks for Consulting

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Different Types of Frameworks for Consulting

  • Tags Consulting Frameworks

Importance of Consulting Frameworks

Consulting frameworks are important for managing different aspects of the company, in order to determine which factors affect the business functions and how. Understanding them will help you to find better ways of growing and developing your company.

There are several important frameworks that can help you to develop your business. You’ll find more successful ways of getting desired results and achieving your business goals.

PEST Analysis

PEST Analysis is used to evaluate any major external factors that may influence business operations and is focused on finding a way that will make the company more competitive. With PEST analysis you can get to know more about tax regulations, and how the government deals with legal factors that are important for your business. Also, it can help you to determine more important aspects of trading and the market where you are operating.

You can do economic analysis as well with this framework to understand more about financial issues and interest rates. You’ll have to understand more about your target audience as well, their behaviors and characteristics, and their purchasing needs.

Porter’s Five Forces

It’s another consulting framework that will help you determine if any specific market is attractive, also you can understand more about your strengths and how you can deal with your competitors.

This framework will help you monitor competitive dynamics and will let you know if any new or old company can progress more than you. You can analyze the number of suppliers, and buyer power and determine if there’s a threat of some other company replacing you on the market.

The 3 C’s

This consulting framework is used to create business models, that will help companies in discovering key factors for success and improvement. In this case, 3 C is related to the corporation, competition, and customers.

First of all, companies analyze their previous data to have a better understanding of their work and based on their conclusions, start working on future strategies. After that, they try to compare themselves to their competitors and find connections, like what are the strong points and weak points, and how they can sort them out.

The last part is related to the target audience and customers, for example, what are their habits, needs, and what kind of marketing strategy would you need with them.

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SWOT Matrix

It will help you to create a plan that will be useful for completing a project and will let you know how competitive your product can be in the market. First of all, you can understand what are the areas that can help the organization succeed and generally what are your strengths, it could be unique technologies that you are using, any software, or a strong branding strategy.

Also, you’ll understand where you lack strength and which factors need to be improved. This framework outlines external factors, like opportunities that can help your company improve and any potential threat that might have a negative impact on you.

BCG Growth-Share Matrix

This framework was created to help companies see the potential of different products. With the aid of the BCG Growth-Share Matrix, it will be easy to determine which products you should keep, sell or invest more of your resources in.

It has four main areas, which will help you to see what are products with low market share and low rates of growth, and what are the products with high market share but low rates of growth. Also, which products have a high market share and high rates of growth, and which product has a low market share and high rate of development?

Balanced Scorecard

It’s a great framework for monitoring the future consequences of each action that a company might need for success. It will help you to collect more financial data, and to have a better understanding of income and sales. Also, you’ll know how well companies manufacture their products.

After that, companies gather feedback to understand how their target audience would rate their products and what are their satisfaction levels. This framework is concentrated on learning as well and evaluates how well your team members use their knowledge to further improve the company.

McKinsey 7S

Besides finding and fixing internal and external issues, you can use this framework to fully measure the effectiveness of your organizational design. Key elements of this consulting framework are related to structures, like how companies organize everything, also which strategies are used or should be used by companies to achieve success.

This framework pays attention to how companies make decisions, generally how they work, what missions and objectives are they trying to accomplish and how different aspects regarding staff could be sorted out. So McKinsey 7S are structures, strategy, skills, systems, shared values, style, and staff.

The 4Ps

It helps companies to reach their marketing objectives and target market. The 4Ps are related to the product, price, promotion, and placement. You’ll be able to determine if your products are suitable for existing demands and how they could satisfy new demands as well.

It’s important to know how much customers are paying to get access to your products, but you have to consider seasonal discounts and competitors as well. Promotions will let the customers know why they should purchase your product and placement will be decided based on the method of delivering your products to the market.

External VS Internal

In this case, you can evaluate how external or internal factors are influencing your organization and how can you improve or get rid of them. External factors could be related to governments, industry standards, etc.

While internal factors always exist within the company and are related to resources, management, etc. You’ll be able to see what kind of factors influence your business and how you can sort out everything.

Blue Ocean Strategy

Blue Ocean Strategy is related to a product that has minimal or no competition on market. In this case, you can identify markets where you won’t have big competitors and start dominating them with full force. The key word here is differentiation.

In the beginning, it’s not easy to manage everything with this framework, but at the very center of the blue ocean strategy, you’ll find new ideas and constant change. Blue ocean could turn red anytime, but in the beginning, you’ll have time to devise a new product and take your place in the market.

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Everything you Need to Know on Six Sigma

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Everything you Need to Know on Six Sigma

  • Tags Six Sigma, Six Sigma Methodology

Importance of Six Sigma

Six Sigma is a process that can analyze and reduce errors and defects for you based on statistics and data analysis. With this process, you’ll have better chances of reducing manufacturing defects and decreasing total waste.

You’ll be able to improve your efficiency and quality, and it will help you to save money, time, and resources. This process can be applied to any industry, like healthcare, manufacturing, etc. With its tools, you’ll be able to manage your business better and improve general performance as well. The six sigma model consists of several important principles.

Focus on the Customer

This is the first principle of Six Sigma and is mostly focused on customers since they are the life force for any market or company. The biggest goal here is to satisfy the needs of customers and give them maximum benefits.

The most important thing that you should know in this case is what your customers want, what they are interested in, and also what are the market demands.

Measure the Value Stream and Find Your Problem

Collect the data that will help you to determine the areas of waste and discover the specific problem area that can be addressed or transformed. Have clearly defined goals and be focused on what kind of data to you need to gather and how you will do it.

Analyze the data, ask necessary questions and find the root problems that you have to deal with. This way you’ll be able to effectively measure the value stream and find out what you have to work on.

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Clearing the Junk

Once the problem is found, you have to start working on processes that will help you to remove defects. During this step, you have to ensure that you’ll successfully get rid of everything that’s not benefiting the customer value.

By removing the junk, you’ll be able to improve your quality, your efficiency, and get rid of issues that were caused by it. By the end of this process, you’ll create better options for yourself to reach organizational goals.

Keep the Ball Rolling and Involve Your Team

In order to solve your problems, you might need the assistance of other people as well. In this case, your team can give you additional ideas about what are the problems and how they can be solved. The whole team could have better results for the improvement of operational efficiency.

Create a Flexible and Responsive Ecosystem

The main goal of Six Sigma is to transform the business. Successful transformation comes with flexibility and responsiveness to changes. Besides the specific aspects that go through these changes, the team has to be considered as well. They should adapt and get accustomed to the innovations that the Six Sigma process can bring into your company, to truly see the improvement that it can bring you.

DMAIC Methodology

DMAIC is one of the most important six sigma methodologies. DMAIC stands for define, measure, analyze, improve and control. This strategy is mostly focused on improving existing products or services.

While working with this methodology, you have to define the problem, measure process performance, analyze what could have caused the defects, improve performance with problem elimination and control the improved process to ensure future success.

DMADV Methodology

DMDAV is another six sigma methodology that stands for define, measure, analyze, design, and validate. It’s a data-driven quality strategy that focuses on the development of new products, services, or processes. This method is often used when companies implement new strategies.

During the first phase important project goals are identified and business problems and goals are defined. After that, you have to understand customers’ requirements and analyze the whole situation to create the best design model, that will be well-suited to customers’ demands. After that, you create the design model which will be studied in the validation phase, where it will be tested.

Six Sigma Techniques

You can use several techniques to get the desired results from the six sigma process. With brainstorming you’d get lots of new ideas, it’s frequently used in DMAIC methodology. Also, the 5 Whys Technique is frequently used as well to find the core issue.

Customer feedback too will help you to define the problems and possible setbacks. The 5S System will help you to get rid of waste effectively, whereas the Kaizen Technique will help you to further improve your business. There are numerous other techniques that can be beneficial for your company.

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What are the different types of Supply Chains? 

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What are the different types of Supply Chains? 

  • Tags Supply Chains, Types of Supply Chains

Steps of the Supply Chain

A supply chain is a network of individuals, organizations, resources, activities, and technology that are involved in the creation and sale of products. A supply chain is a big process that contains several different aspects, like the delivery of necessary materials to the manufacturers and then sending of the products to customers.

Supply chains have several fundamental steps. First of all, you start with sourcing new materials, then you refine these materials into basic parts of your product, next step entails combining these parts to develop the full product. Since the product is ready you start working on order fulfillment and sales. Then comes the product delivery part. The last step is mostly about customer support and generally how return services work.

There are several different types of supply chains that ensure the success of the supply management system for your company. Since the supply chain is so complex, you have to carefully choose the model which will be most suited to your business requirements.

Continuous Flow Model

This is one of the most traditional models of supply chain and works best for businesses that operate with more stability. This model is used by many well-established industries, such as PepsiCo. Without stability, you’ll have less chance of using this model successfully.

For example, you can use this model when you produce the kind of products that always have stable demand on the market. Also in this case you can pay less attention to the customer demand profile.

Fast Chain Model

The fast chain model is one of the newest addition to supply chain strategies. It’s used by businesses that have products with shorter life cycles. For example, fashion designers might have a specific line of designs per season that won’t be repeated again. Indeed, it’s very useful for trendy products and even Nike is actively using it.

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Efficient Chain Model

The efficient chain model is best suited for hyper-competitive industries. With this supply chain model, the end goal is to maximize efficiency, have proper inventory management and maximize output from production equipment and labor.

General Mills actively uses this model, because their products don’t really differ from the ones that its competitors make, and also all of them have the same target audience.

Agile Model

A supply chain needs four components to be considered an agile model: virtual integration, process alignment, a network base, and market sensitivity. Virtual integration requires more information about market demands and how they changed. Process alignment is mostly about sharing supply chain responsibilities across the different aspects of the business.

The network base ensures that every role and responsibility will be equally divided between every actor in the supply chain. Market sensitivity is the component that changes the rate of production when demand in the market changes. Businesses that deal with demand variation highly benefit from this model, great example is ZARA because this way they are always attentive and look for new trends on the market that can be integrated into their business.

The Custom-Configured Model

Custom-configured model is focused on providing custom configurations and is most suited for companies where multiple configurations are required for products. It’s basically a combination of agile and continuous flow models.

For example, the company L.L. Bean lets their customers customize their backpacks before they place their orders. Compared to more traditional models custom-configured models might require additional investment from the company.

The Flexible Model

A flexible model will help you to manage the increase in demand during certain periods and also will help you out when the demand is low for a very long time. The supply chain should have these three key elements to be considered flexible: part segmentation, accurate stocking algorithms, and flexible planning.

For example, Staples is using a flexible model while delivering paper and writing utensil products. They realize that the demand for their product will be high during the beginning of school season and ensure that their stock will be full on notebooks, rulers, pens, pencils, etc. They manage everything based on the flexible model and are considerate of specific timelines, processes, and how demand could change in the market.

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