What are the Ps of Marketing?
You must have read about the 4 Ps of marketing, that is, Product, Place, Price, and Promotion. But did you know that there are 3 more when it comes to the marketing of services? They are People, Processes and Physical Appearance. When services are to market, the People providing them play a very crucial role as they are the face of the company to the client. This brings us to Processes that a service company follows to facilitate a successful business transaction. A customer always prefers flexible, user-friendly and simple processes. Seeing is believing - this holds true in all cases but more in services as they are intangible. Hence, the Physical Appearance of the people and the environment plays a major part in keeping the client interested and confident in the company they are availing services from.
What is a Big Hairy Audacious Goal (BHAG)?
A Big Hairy Audacious Goal is one long-term strategic goal that an individual or an organization defines for itself to stimulate progress in business or in personal life. This term was coined in the book “Built to Last: Successful Habits of Visionary Companies” by James Collins and Jerry Porras. As suggested by the name, it may look scary and impossible (or even ridiculous) at first, due to many questionable aspects of it when compared to the capabilities possessed by the individual or the organization is present. The key lies in setting the goal, then breaking it into small doable parts, developing capabilities to achieve the parts, hence moving towards the ultimate goal.
What the most important questions one needs to ask suppliers before signing a contract?
Every company markets itself so does your supplier. Choosing a supplier is an intensive exercise which is a cost for the company that the company would not want to incur repeatedly. Hence, ask (at least) these important questions to your supplier before confirming them: 1. Is there any minimum order to be placed and can you avail any discount on volume? 2. What cost other than the cost of goods is to be born to the buyer? 3. What are the payment terms - mode of payment, advance, post-payment, etc? Also, ask for the discount you can avail if paying early. 4. Ask for the clear terms of transfer of ownership. Purpose is to know who is responsible for anything that happens in the transit - buyer or supplier 5. What other products do they offer? The purpose is to find the best fit. Also, ask for any bundling discount you may avail if buying more than one product. 6. Do they have any capacity constraints? Are they willing to expand their capacity to supply to you, should you grow your business and need more supplies? 7. Who are their other important buyers? You need to know this so as to know if the supplier can probably prioritize another buyer over you in case of a crunch. 8. Do they issue liability insurance certificate? This is important to protect your business in any untoward situation.