For many consumers and producers, MSP is an acronym for Manufacturer's Suggested Price. Today, I would like you to consider a different definition for these commonly used letters ?Marketing, Sales and Profitability.
In a previous article, "Do You Know and Plan for the 3-R's for Your Business" ( Ezine Article.com directory at http://ezinearticles.com/?id=48344 ), the focus was on Relationships, Referrals and Revenue. One of the most consistent challenges for any business owner is the actual implementation of the strategic business plan that builds the 3-R's. The MSP of Marketing, Sales and Profitability helps to overcome that issue.
Since relationships are the first R, the necessary action is to construct a Marketing Plan to increase relationships. This plan should be specific to your company and not the "shadow" of a company that you admire. Many business owners and executives attempt to "copy" someone else's brand identity and fail to establish their own identify. Marketing plans require research and evolve from a solid vision, values and mission statements.
The second R of referrals generates the greatest amount of Sales. Sales plans and marketing plans are closely related and need to be aligned to ensure that potential opportunities are realized. Within the Sales' plan, specific goals are necessary to ensure that the marketing plan is effective. For example, how many "mailers" are necessary to secure an appointment? How many appointments result in a second appointment? How many second appointments turn into a sale? Knowing your numbers is critical to the sales process and more importantly your own internal motivation.
Revenue is the third R and is a partner of profitability. Some companies work on the philosophy of high sales and low profitability while others use an opposite approach. Profitability is an absolute necessity and should be examined on a regular basis.
Today's business world is complex, but still retains the simplicity of earlier marketplaces. If you know your MSP, you will be able to build the 3-R's.
Leanne Hoagland-Smith, M.S. President of ADVANCED SYSTEMS, is the Process Specialist. With over 25 years of business & education experience, she helps her clients to implement and realign processes to build sustainable change. By uniting systems, strategies and people to create loyal internal customers, Leanne delivers ROI solutions that affect sustainable change in 4 key areas: financials, leadership, relationships and growth & innovation within a variety of industries. As co-author of M.A.G.I.C.A.L. Potential: 7 Capacities for Living an Amazing Life Beyond Purpose to Achievement due for 2005 release, Leanne speaks nationally to a variety of audiences. Please contact Leanne at 219.759.5601, http://ezinearticles.com/?id=48344 or visit http://ezinearticles.com/?id=48344 if you are seeking amazing results.
Copyright 2005(c) Leanne Hoagland-Smith, http://ezinearticles.com/?id=48344
Permission to publish this article, electronically or in print, as long as the bylines are included, with a live link, and the article is not changed in any way (grammatical corrections accepted).
Mercedes Benz s500 rentals Salem ..Microsoft Great Plains fits multiple services market niche and healthcare... Read More
I love the excitement of starting up a new home... Read More
This will make some people angry as hell, but it's... Read More
A business plan precisely defines your business, identifies your goals,... Read More
I've either been involved with or held a process-related role... Read More
( * - the word 'product' can be substituted to... Read More
Fun From The StartFor those with the will to start... Read More
Although North Americans were the dominant population on the Internet,... Read More
The first task before hiring a contractor for home remodeling... Read More
Why cut costs now? Efforts are multiplying to cut costs... Read More
I read once that something like 30 percent of all... Read More
A piano tuner recently moved to Buffalo, NY, and would... Read More
Microsoft Business Solutions Great Plains serves mid-size and large clients... Read More
When developing the competition section of your business plan, companies... Read More
Here is an abstract thought on studying nature and the... Read More
So you've decided to write your own business plan because... Read More
Is there really anything as a problem? Does chaos or... Read More
By cranking up others development to meet your business needs,... Read More
The first step in starting a restaurant is proper planning.... Read More
In 1989, Sony founded its Institute of Wisdom at the... Read More
Imagine spending the same amount of money on marketing and... Read More
Businesses tend to avoid doing their annual business plan thinking... Read More
Much of what we heard in the mass media about... Read More
One of the quintessential parts to any business is your... Read More
Storytelling and writing a business plan actually go hand in... Read More
Dowagiac cheap limo service ..The new check cashing instant clearing will take some time... Read More
It's easy to lose sight of what needs to be... Read More
Richard L. Daft one of the country's recognized academic leadership... Read More
We have been spending many hours surveying the market for... Read More
There's nothing automatic about corporate growth, particularly in the information... Read More
Growing your own small business can be one of the... Read More
Every decade we seem to come up with a buzz-word... Read More
Every business experiences slower periods. For some, they sell more... Read More
You have invested a lot of time and energy on... Read More
Most companies that are worthy of raising venture capital have... Read More
Many movies have been made about the tragic story of... Read More
Writing a Business Plan these days is tough, venture capitalists... Read More
Let us look at a few of the big distribution... Read More
What do Mark Victor Hansen, Robert Allen, Anthony Robbins, Andrew... Read More
Writing a business plan is no easy task, sure you... Read More
More than $117 billion passed hands from Internet shoppers to... Read More
American Eagle Outfitters and Wet Seal Stores have issued statements... Read More
The University of Exeter in the United Kingdom recently published... Read More
Conventional wisdom has it that there are only three ways... Read More
No "meme" isn't a typo and Got Milk, the more... Read More
So what makes a vision successful? Everyday companies try to... Read More
Every new business owner knows that a business plan is... Read More
How are you feeling today? Good, not so good, great?... Read More
Much of what we heard in the mass media about... Read More
Have you ever done a SWOT analysis? No, it's not... Read More
Strategic Planning |